Word: debts
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...month. At the climate change conference in Copenhagen in December, it was China and the U.S. who haggled over a final deal, while Europe sat on the sidelines. Instead of a foreign policy triumph, 2010 began with an unseemly squabble over whether or not to bail out Greece, whose debt has dragged down Europe's currency. At the same time, U.S. President Barack Obama announced he would be skipping an E.U.-U.S. confab in Spain in May, frustrated, it appeared, with the endless summitry that goes with accommodating the E.U. Little wonder that Europe finds itself...
...Greece's businesses, this new math is a challenge to growth. Borrowing costs are heading north, and with the country's banks in a noose because of their holdings of Greek debt, credit is tight. New projects, expansion plans and investments have been put on hold, say executives. MLS's Kamatakis, for example, admits he's had to slow down plans to expand into Western Europe. "Everything is frozen," says financier Paul Papadopoulos. "It's a wait-and-see scenario...
...debt-provoked currency plunge won't be a miracle cure for the economic ills of all euro-zone exporters. Lafaure, for example, notes that while his euro costs in research and development greatly affect sales price, his company is partly protected by having production sites in dollar-zone countries in Asia - providing a pricing hedge when the euro is too high. Multinationals with affiliates in the dollar zone have benefited from the weaker dollar over the past few years. German electronics giant Siemens, for example, generated nearly 45% of its revenue in 2009 in the dollar region. "The bigger...
...been a long time coming. For much of the past five years, the euro has floated between $1.45 and $1.55, in large part due to U.S. policies aimed at keeping the dollar undervalued so dollar-priced American exports would be more affordable abroad. Debt-spooked markets are now reversing that - something that could over time take the currency closer to the $1.15-to-$1.20 range that experts say is its true value. "The return to a euro-dollar balance of under $1.30 by the end of the year now seems possible," French bank BNP Paribas recently reported. Of course, those...
...Greece and the European Union rush to stop the Greek problem from spilling over into the rest of the EU, we urge them to take heed of popular sentiment and not shore up Greek debt with taxpayer money from Germany and France—the only two eurozone economies in a position to help. Doing so would constitute forcing a stronger political union on eurozone and, more broadly, EU member-countries where such a union does not exist and is not wanted by their citizens...