Word: default
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...Tymoshenko has claimed that the unpopular Yushchenko is trying to push the country toward default in order to declare an emergency situation so that he can remain president. For his part, Yushchenko has accused Tymoshenko of betraying national interests and agreeing "a secret Molotov-Ribbentrop protocol" with Moscow as part of attempts to secure a $5 billion loan to cover budget shortfalls. Russia's outspoken ambassador to Ukraine, former Prime Minister Viktor Chernomyrdin, caused a diplomatic uproar in February when he said they were "at each other like dogs...
...taste of Indonesia, but find yourself stuck in Jakarta with only an afternoon to spare? To Alun Alun (Town Square) with you, in that case. Located on the third floor of the Grand Indonesia mall, the hip craft store, art gallery and café-restaurant has quickly become the default place to which expats send out-of-town visitors in search of souvenirs. But Indonesians themselves are the real target audience for the rich displays of batiks, paintings, jewelry, ornaments, books...
...From a global perspective, the trading in bonds for developing countries that might default on their debt, nations such as Ireland and Ukraine, need to stop changing hands at distressed levels. If the bets on these nations being able to shoulder that own national financial obligations improve, it is a sign that global credit is becoming available, at least at the sovereign level, and that the IMF has been able to get commitments from the "richer" nations to provide credit to those that are in trouble...
...their own backyards first, only thinking of the European dimension as an afterthought. Without any clear direction, there is also a risk that instability in the east could infect everyone else and drag down the euro. Last week, Moody's Investor Services, a credit-rating agency, warned of default risks for banks in six western European states that are overextended in the east. If that occurs, it could jeopardize one of the E.U.'s finest achievements, the embrace and revival of Eastern Europe...
...begun to occur to the financial industry and the central banks of the G7 and a number of smaller Western European countries that if some of the nations in Eastern Europe default on their debt, the world may look as it did three decades ago when several Latin American nations struggled to make payments on their sovereign obligations. (See pictures of printing money in Germany...