Word: debts
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...fair, the Stability and Growth Pact's credibility was straining long before the downturn. Most E.U. member states have run budget deficits beyond the 3% ceiling from time to time, while many have breached the pact's other main criterion: that national debt stay below 60% of GDP. Germany, the pact's main proponent, has been one of the most consistent abusers of the budgetary rules. In 2002, then president of the European Commission Romano Prodi even described the rules as "stupid...
...oldest newspaper chains, Journal Register, went bankrupt late last week. It had too much debt and too little operating income. The daily newspapers in Philadelphia have also filed for Chapter 11. There have been rumors, almost certainly untrue, that The New York Times (NYT) will run low on funds to pay its debt. In the case of The Times it has valuable assets to sell, but its situation deteriorates each quarter. By most estimates, its second largest property, The Boston Globe, loses $1 million a week...
...they ever have. This results from the fact that there are lots of American who don't really know how much disposable income they have. They've just been spending it. And all of a sudden they've woken up and found, 'I have $20,000 in credit card debt. All of a sudden I need to face consequences that are acute.' It's fundamentally healthy over the long term, but it's painful over the short term...
...market share from both companies and improve its competitive position against Microsoft in the PC application business. It can significantly improve its edge by putting money into initiatives while its rivals are cautious or under-funded. The world's largest search company has $14 billion in cash and no debt. It is adding to that cash base at the rate of about $1.5 billion a quarter...
...what is the magic formula? How does the White House buy time to spend now without spooking the markets or stoking fears that the U.S. intends to inflate its way out of debt? Obama's aides say they can do that by winding down the war in Iraq, cutting fat and raising taxes on the wealthiest Americans--and, later, by entitlement reform. All during the campaign, Obama talked about going through the budget "line by line," zeroing out programs that don't work or have outlived their usefulness. Even as he signed the stimulus bill, he had already pivoted...