Word: dollarization
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...puzzler for money chasers in Madoff's $65 billion Ponzi is why the multibillion-dollar bank account he kept at Chase never came under suspicion by internal bank compliance systems or managers in charge of Madoff's account. (Watch TIME's video about Madoff's trial...
...last September, things have grown progressively worse. Not only has Hungary needed the life support of a US $25.1 billion credit line from the International Monetary Fund, its currency has been in free fall. Since the beginning of this year, the Hungarian Forint has slid 19% against the U.S. dollar, and 13% against the Euro. The government now predicts the economy could shrink by 3% this year, a modest estimate compared to the 7.5% drop predicted by some analysts. (See pictures of the global financial crisis...
...without a change in policy, Obama is on track to accomplish exactly what he promised to change during the campaign, creating a massive burden for the next generation to fund politically popular policies in the short term, like tax cuts and spending programs. (Read "How to Understand a Trillion-Dollar Deficit...
...commercial vehicles and cars have slumped, and debt from the company's purchase last year of luxury brands Jaguar and Land Rover is weighing on Tata Motors' balance sheet. Tata argues that the Nano is exactly the right car for these difficult times. "If I had conceived a million-dollar supercar today, I think you'd have every reason to question whether that's the right product at the right time in the planet that we are living in," Tata told TIME during a March 5 interview. "What has happened in the changing global economic situation reinforces, if nothing else...
After weeks of playing sudoku with match schedules and wrangling with the Indian government over scheduling clashes with the upcoming general election, the powerful Board of Control for Cricket in India (BCCI) announced Sunday it would hold its billion dollar Indian Premier League (IPL) outside India. The decision marks an unexpected climax to a weeks-long dispute between the BCCI and the Indian Home Ministry. Dates for the IPL, which features the best players from around the world, had long been set for April and May, the only time available for a 45-day tournament during the 2009 cricket calendar...