Word: dollarization
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Dates: during 2000-2009
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...Once booming businesses are resorting to desperate discounting to try to keep customers coming. In Hong Kong, 1,000 restaurants have joined together to offer dishes such as dim sum and roast pigeon for one Hong Kong dollar (about 13 cents). In Taipei, Taiwan's capital, fast-food chain KFC held a press conference last month to announce 50% discounts on every second meal ordered, only to have McDonald's employees interrupt by parading with signs promoting $2 lunch specials...
...recent Goldman Sachs report estimates that most investment banks believe bonds like Jupiter are worth 40% less than what was paid for them, or 60¢ for every dollar invested. But given how many of Jupiter's bonds have gone bad, you could just as easily guess that it is worth 41¢ on the dollar. And that might be generous. A top bond trader who looked at Jupiter for TIME said that on the basis of where loan defaults are headed and the loans Jupiter holds, even the best part of the bond could be worth as little...
...than $293 billion exposure to Eastern Europe, roughly 80% of the Austrian GDP. When, on February 17, rating agency Moody's warned that it might downgrade a number of western European banks with exposure to the region, the euro plunged to a three month low of $1.26 against the dollar. "Given the combination of banking and trade links between Eastern and Western Europe that have been built up over the past five to ten years, it's clear that this cannot be seen as a self-contained regional crisis," says Neil Shearing, Eastern Europe economist at Capital Economics in London...
...broke up the huddle and sent his players out to face their toughest opponents in a generation: the biggest economic catastrophe that America has faced since World War II, ongoing wars in several countries and a fiscal time bomb that, unless it is defused, will destroy the American dollar and the American future. The odds are daunting, but now everyone knows the coach believes we can still be champions...
...between the Pacific and the Caribbean - has quietly emerged as Central America's must-discover hidden gem. And no wonder. With its mix of the eco (dense tropical rain forests), urban (a Miami-like skyline) and aquatic (crystalline diving sites), Panama is an all-in-one destination where the dollar is legal tender - and still manages to go a long...