Word: europeanally
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That's a big reason why Formula One is moving steadily eastward. When it began in 1950, on the bumpy tracks of Monza and Silverstone, the championship was a race between European cars mostly driven by European drivers and watched by European fans. The drivers took their lives in their hands every time they got behind the wheel. Many didn't make it. Jackie Stewart, three-time F1 world champion, used to look back at his house before leaving to drive at Germany's original Nürburgring in case he never saw it again. "The Nürburgring...
...there are fears that Europe could retaliate. The European Commission has warned that it would react sternly to any evidence of American protectionism favoring Boeing in the Pentagon bidding process. And British Business Secretary Peter Mandelson hinted that "the open market to U.S. producers we have in Europe" could be affected if the European Union felt that Americans were refusing to extend similar freedoms to their companies in return. Even some American observers groused that the EADS offer was clearly superior to Boeing's revised bid. U.S. Senator Richard Shelby, a Republican from Alabama, said that "the Air Force...
...chances of the spat jumping from the defense sector to wider commercial deals are small at most. Military contracts have historically been so vulnerable to protectionism and national preferences that they aren't covered by World Trade Organization rules. For that reason, says Nicole Bacharan, a specialist on U.S.-European affairs at Stanford University, "the way this contract was handled wasn't any different from how it would be handled in any other country - especially one whose defense industry is as big but fragile as America...
Papandreou had tried to avoid provoking Greece's powerful unions and initially resisted making cuts to civil servants' base pay. But after the initial round of austerity measures, announced in December, failed to convince international markets and the country's European partners that Greece could rein in its ballooning deficit on its own, Papandreou's administration was forced to tack on a second, harsher round of measures. The $6.5 billion package includes cuts in civil servants' salaries, a freeze on pensions and a host of tax increases, including a 2% bump in the value-added...
...While European Union officials have praised Greece's most recent round of austerity measures, many Greeks have been critical - and not just the protesters. Konstantinos Michalos, president of the Athens Chamber of Commerce, which represents more than 100,000 businesses, says the across-the-board salary cuts for civil servants would disproportionately hurt the poorest and lead to a decline in consumer spending. "The austerity package was necessary, but it's in the wrong direction," he says. "When the actual measures take effect, I think we will have even more demonstrations...