Word: deficits
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...furloughs will only cover approximately a quarter of the UC deficit. The rest will come from a 10% increase in tuition, debt refinancing and dramatic budget cuts at individual UC campuses, as testimony to the Board of Regents from the system's chancellors revealed on July 15. At UC Berkeley, according to Chancellor Robert Birgenau, campus libraries will be closed on Saturdays and will no longer stay open 24 hours during final exams (a longtime campus tradition). He said UC Berkeley is "the only university among our competitors whose faculty are taking a furlough," adding that faculty salaries already...
...downtown streets are lit festively every night of the year - even in July. The nightly ritual of lighting the trees (in this case, metal poles decorated with strings of lights and various other ornaments) serves as an eternal celebration of the Sandinista government's victory over the energy deficit inherited from the previous administration, at least according to Omar Cabezas, the ombudsman for the administration of President Daniel Ortega...
...Joining the euro could happen soon after that. Reykjavik officials have backed down from their earlier talk about "unilateral euroization" - using the single currency without going through the rigorous euro accession process - but once the economy settles, joining could be relatively straight-forward. Iceland's debt, deficit and inflation rates currently too high to fulfill the euro criteria - are expected to fall fast over the next few years to meet the entry demands. (See pictures of the Top 10 scared traders...
...delivered by finance minister Pranab Mukherjee. And the nation was in for quite a surprise. While Mukherjee did announce significant fiscal stimulus plans, expanding rural employment, and development programs, he did not mention any specific open-market reforms, such as raising foreign investment levels, divestment of public enterprise, or deficit reduction. After Mukherjee had signaled to the entire nation that he would follow through on these reforms, the speech was a major disappointment...
...government could have painlessly enabled this development of the free market through selling state-owned businesses, loosening regulations on foreign direct investment, and creating a plan to reduce the deficit. India achieved 6.7 percent growth this past fiscal year only on the back of intensive government spending by the previous Congress-led coalition. Public-sector spending provides a short-term stimulus, but a more open economy is necessary for sustainable growth...