Word: defaulters
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...currency plunge to an eight-month low as a result of sovereign-debt panic. Greece, which is perhaps the weakest link in the European Union, was first to hit the wall on news that its deficit has ballooned to nearly 13% of GDP. Then last week, worry about debt default spread from Greece to Spain, Portugal and Ireland, where spending is similarly out of control. (See the best business deals...
...weeks, European leaders have dismissed talk of a bailout for debt-plagued Greece, saying the country could tackle its enormous budget problems on its own. Now, however, as fears of a default domino effect in Europe have shaken global confidence in the euro, the continent's major powers are changing their tune. Suddenly, the question is not, Will Greece need assistance? but, Who is going to help...
...vulnerable banking sectors and a further $200 billion in stimulus funding to revive their economies. Although the latter helped the 16-nation euro zone exit the recession in the middle of 2009, it also lifted already lofty deficit levels even higher - and brought Greece and Spain perilously close to default. Late last year, the European Commission put a handful of other nations on alert out of similar fears, including France and Ireland...
...simple in that if you're an individual, a business owner or an entire state and you build your debt level to 70%, 80%, 90% of your revenues, you soon won't be able to pay the interest on your borrowing - much less the principle - and you'll default," says economist Marc Touati, deputy director of the Paris-based financial-services group Global Equities. "We're not there yet, especially for all the nations of Europe. But there are several, including France, that simply must cut spending, deficit and debt dramatically, and soon - or things will get very ugly...
Under current federal law, the government subsidizes banks that give student loans and promises to repay them if families default, making student lending a lucrative industry, according to Suzanne Mettler, a government professor at Cornell University...