Word: easterns
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...state lawyers, traveling and staying for months in a city far from home - these might be prohibitive costs to outfits already reeling from GM's fate. "There is no district in this country that has a greater stake in the outcome of a General Motors case than the eastern district of Michigan," says Steven Rhodes, the court's chief bankruptcy judge. "GM is a Detroit company...
Anyone visiting Prague, Warsaw, or Budapest in recent weeks would have found beautiful old cities in a rather depressed mood. Despite the arrival of spring, the political and economic news across the region is gloomy at best. Eastern Europe’s emerging economies have been some of the worst hit by the current economic crisis—making unemployment rise, threatening their ability to roll over foreign debt, and toppling governments. As a recent International Monetary Fund paper proposes, the best way forward may be a European answer to an Eastern European problem: early adoption of the euro...
...course, not all Eastern European economies are the same. If we consider the Czech Republic, Poland, and Hungary, it becomes clear that the last has taken much more debt from foreign markets—in a way that may have been problematic even without a global economic crisis. But, in the current scenario, investors that had previously been attracted to the generous interest rates of the region have fled as fast as possible. And very few remain, making it very hard for these countries to roll over debt or put in place counter-cyclical measures to ease the effects...
...Ultimately, as the G20 recognized, the largest irony is that the countries worst hit by the current crisis are not the places in which it originated. But, across Eastern Europe, few people have time to be ponder such facts. The Polish zloty has lost a third of its value against the euro in just a few months, but that has not made its exports more competitive, since they have plunged along with global economic trade. The Czech Republic, arguably one of the most respectable governments in the region, has seen its prime minister resign right in the middle...
Problems at Home If there is one region in South Africa on which the ANC might have focused its efforts to build democracy and progress, it is the Eastern Cape around East London. Drive out of the city and after an hour you descend into a steep, forested canyon along whose floor snakes the River Kei, the old boundary between white-run South Africa and the rolling prairies which apartheid authorities designated the black "homeland" of Transkei, meaning "across the Kei." During apartheid, the Transkei was a place of destitution: thousands of mud-walled, grass-roofed huts where people lived...