Word: deficits
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Greece announced additional tax hikes and further salary cuts for government workers on March 3 in the hope of addressing its 13% budget deficit. The measures, estimated to generate $6.6 billion in savings this year, paved the way for assistance from the European Union, which had pressed the country to make greater fiscal sacrifices. While Greece has garnered support from its European neighbors, the plan is certain to further outrage citizens, who have staged strikes and protests over the past few weeks...
...value of China's dollar-denominated assets, including $895 billion in U.S. Treasury debt. He warned the U.S. not to depreciate its currency to boost trade, as it would hurt the value of Chinese-held assets. The U.S. depends on China's Treasury purchases to fund its budget deficit, which is forecast to exceed $1.5 trillion this year. Still, U.S. lawmakers are unlikely to give much credence to Wen's statement that he doesn't understand how a country could devalue its currency to boost trade. It is, after all, China's own policy...
Though its five-goal deficit proved to be insurmountable, the Crimson kept at it. At 13:47 of the second, Harvard senior Randi Griffin received a pass from junior Kate Buesser right in front of the net on a power play and one-timed it home for the Crimson’s first goal of the night...
Papandreou had tried to avoid provoking Greece's powerful unions and initially resisted making cuts to civil servants' base pay. But after the initial round of austerity measures, announced in December, failed to convince international markets and the country's European partners that Greece could rein in its ballooning deficit on its own, Papandreou's administration was forced to tack on a second, harsher round of measures. The $6.5 billion package includes cuts in civil servants' salaries, a freeze on pensions and a host of tax increases, including a 2% bump in the value-added...
...Crimson fell behind 19-22, but was able to bring the set within one point with two Kuld kills. But junior Alberto Bravo of the Pride responded with a kill of his own to steal the momentum back. Facing a 21-25 deficit, Harvad was forced to take a timeout, but tied up the score by winning the next four points out of the break...