Word: debt
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...euro was launched in 2002, it was celebrated as a triumph of monetary unity. The 16 nations in the so-called euro zone could certainly use another dose of that founding spirit today. As questions mount about the very future of the currency due to the ongoing Greek debt crisis, there seems to be more anger in parts of Europe over Greece's financial recklessness than a willingness to save Planet Euro from imploding by bailing Athens out. That's certainly the case in Germany and France - the two largest euro zone economies - whose peeved taxpayers will have to contribute...
...That entire country has no sense of responsibility, and now we're supposed to fix it," says Karen Schumann, 27, a Berlin media consultant. The complaint has a familiar ring to it. Greece has a staggering budget deficit of 12.7% of GDP and a $410 billion public debt, which free-spending Greek officials long kept secret from the rest of the euro zone. Now that Greece is on the verge of defaulting, its monetary partners will have to hand over huge loans to help keep the country solvent - all in order to prevent the euro from going into a free...
...indeed get even worse. At a summit in Brussels on Feb. 11, European leaders pledged to help Greece deal with its crushing debt while Athens said it would slash its budget deficit to 3% by 2012 - but the leaders produced few details on how exactly they would help. (Read "E.U. Comes to Greece's Rescue, with Strings...
...follow-up meeting on Monday that was intended to show their collective determination to back Athens up. But the ministers seemed instead to belittle the cost-cutting measures that Greece had proposed by putting forth their own plan for the country to cut spending, raise taxes and finance its debt within 30 days...
...those impatient for double digit growth. Take agriculture. Prime Minister Manmohan Singh and many farmers struggling against debt, rising expenses and stagnant yields, have called for a second Green Revolution. But for this, India will probably need the help of biotechnology, a discipline in which India has the potential to be a world leader. Because India allows protests and debate, though, pro-industry rulings are often overturned. (See a special report on the science of appetite...