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...Joining the euro could happen soon after that. Reykjavik officials have backed down from their earlier talk about "unilateral euroization" - using the single currency without going through the rigorous euro accession process - but once the economy settles, joining could be relatively straight-forward. Iceland's debt, deficit and inflation rates currently too high to fulfill the euro criteria - are expected to fall fast over the next few years to meet the entry demands. (See pictures of the Top 10 scared traders...
...what's the reason for all this bullishness? Surely not the economy, which continues to muddle along through the muck of heavy consumer debt and a poor housing market. But businesses are in better shape, and the financial crisis seems to be fading from view, even as small business lender CIT struggles to survive another day. (Stock futures turned negative after the market close on news that CIT was not likely to get a government rescue.) (Watch TIME's video of Peter Schiff trash-talking the markets...
...Indeed, analysts who follow a number of different industries rushed out reports about how CIT would affect the companies they watch. The biggest areas of concern were for the insurers that hold a large amount of CIT debt and retailers, which rely heavily on the type of short-term lending that CIT provides. The consensus was that CIT's failure alone was not likely to bring down any other firm...
...needs to do more to support primary care by providing financial support and elevating the field's stature within the community. The HMS Joseph B. Martin Loan Forgiveness Initiative allows third-year students pursuing specialties in primary care, family medicine, and psychiatry to receive up to $60,000 in debt reduction, but the circulating petition states that loan forgiveness can only be "one component of a multi-pronged strategy to boost student interest" and that HMS must work to do so throughout the four years of medical education...
...that will demand more and more of China's own goods. So will this be the ruin of China? Certainly not, but its growth will slow. And bringing more production to the U.S. can only help our own economy, lending it stability, bolstering the dollar and weaning down our debt...