Word: dollarization
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...excluding social security) compared to an E.U. average of 26.1%. (Italy's take is 29.1%, Portugal's 24.5%, Spain's 20.7%). Only a handful of E.U. countries - the Czech Republic, Slovakia and Romania - do worse. And none of them use the euro. (Read: "Is the Euro the New Dollar...
...mess. The state's various financial-information databases are haphazard and fragmented. No single program can pull up all the data about a single taxpayer; without tedious manual cross-checks, there's no way to flag the Kolonaki doctor who is declaring a pittance but living in a multimillion-dollar apartment. So decentralized is the whole system that until recently, Greece's government didn't even know how many people it had on its payroll. (See 10 things to do in Athens...
...European Commission blasted Greece for the faulty stats, and ratings agencies downgraded Greek debt, sending yields on government bonds skyrocketing. Over the past two months, as fears have grown that Greece's poisonous finances could infect the rest of Europe, the euro has slipped by almost 7% against the dollar. The Greek crisis is proving to be a crucial test for the long-term viability of Europe's common currency itself. Nouriel Roubini, one of the economists who predicted the global financial crisis, and his colleague Arnab Das argued in a Feb. 3 opinion piece for the Financial Times that...
...also prove immune from the financial maelstrom because of its global reach, according to Theodoros Veniamis, the president of the Union of Greek Shipowners. "Shipping is a cyclical business that operates worldwide," he says. "The current crisis won't have a direct impact." (Read: "Is the Euro the New Dollar...
...disaster in Vancouver felt uniquely awful, for two reasons. First, its occurrence just hours before the opening ceremony created a somber and painful situation: A man had just lost his life preparing for a multibillion-dollar sporting spectacle, yet participants were obliged to sing, dance and play their fiddles in celebration of it. Let the games begin! Second, while the Beijing murder was a terrible tragedy, it was a random act of violence. On Friday, an athlete was killed pursuing what Olympic officials sell as the epitome of purity: Go faster, go higher...