Word: dollarization
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Dates: during 2000-2009
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...banks had leveraged themselves too aggressively. Rumors swirled that the banks would default and that Iceland's central bank, with its modest $2.5 billion reserve, would be hard-pressed to bail them out. As investors pulled out of the market, the Icelandic krona fell by 27% against the U.S. dollar, the cost of insuring Icelandic debt soared to record levels, and inflation surged, hitting a 20-year high of 12.3% in recent days. That bleak combination has created a widespread perception, trumpeted in the world's financial press, that Iceland is melting...
...million construction project at the University of Reykjavik. Iceland, he points out, has been in this situation before. In early 2006, credit agencies criticized Icelandic banks for their lack of transparency and reliance on international capital markets. Analysts' opprobrium drove the krona down by 25% against the dollar over six months. Yet Iceland never defaulted on a single loan, signaling a disconnect between foreign perception and domestic reality. "We learned our lesson: we need to tell our story," says Árni Mathiesen, Iceland's Minister of Finance. "Other people are more likely to tell the wrong story or misinterpret...
...office space. Nobody is hurt more than the Gulf's millions of ill-paid migrant workers, and this exacerbates the danger of growing labor unrest. One measure that Gulf countries are considering to dampen inflation: a dismantling of the peg that ties their currencies to the beleaguered U.S. dollar...
...time. The unfairness of this bait-and-switch game - to both patients and doctors - is pretty nasty. The hospitals and facilities you signed up for originally might suddenly be replaced by facilities that are - you guessed it - cheaper. While your premium (and the CEO's bonus) goes up, the dollar value of what you're getting - i.e., what the company will pay your hospital or doctor for their services - goes down...
...increasingly despised among even Colombians who once saw the group as a corrective to their country's admittedly epic inequalities. The U.S. and later the European Union designated the FARC as a terrorist organization. When the U.S. finally came to Bogota's aid in 2000 with the multi-billion-dollar Plan Colombia, a counter-insurgency mission disguised as a drug-interdiction project, Colombia's once laughable military began knocking the FARC to the mat. As a result, conservative President Alvaro Uribe is enjoying approval ratings as high as the Colombian sierras...