Word: europeanally
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...level to a still hefty annual average of 3.6% if everything goes well. The deficit amounts may be less dizzying in Europe, but they're still a major cause of concern for fiscal purists who fear that some governments may end up drowning in red ink. Twenty of the European Union's 27 members are running deficits to ease their way through the global recession, with the average pegged at 7.5% this year. Three years ago, the E.U.'s deficit average was just 0.8% of the bloc's total GDP. That figure increased to 2.3% in 2008 and then spiked...
...further $200 billion in stimulus funding to revive their economies. Although the latter helped the 16-nation euro zone exit the recession in the middle of 2009, it also lifted already lofty deficit levels even higher - and brought Greece and Spain perilously close to default. Late last year, the European Commission put a handful of other nations on alert out of similar fears, including France and Ireland...
...ugly? Greece is already scrambling to lower its deficit of nearly 13% to the E.U. ceiling of 3% by the end of 2012 under a European Commission plan to be endorsed on Wednesday. Spain is similarly promising to slash its deficit of 11.4% to just 3% by 2013, although the country - which is still reeling from the recession, with unemployment of nearly 19% - has been vague about how it will do that beyond proposing $69 billion in cost-cutting measures over the next four years. Last month, French officials somehow managed to sound proud when they announced that France...
Toprak believes that Toyota's problems could prompt consumers to take a second look at American brands such as Ford and Chevrolet and could also boost Korean nameplates such as Hyundai and Kia, which have lineups that closely match Toyota's. Even European luxury makers such as Mercedes-Benz and BMW, which have been eclipsed by Toyota's Lexus brand, could benefit, he says...
...saved the giant troubled insurer, and taxpayers, billions of dollars. Instead, after a few days of harried discussions, the Federal Reserve Bank of New York - which was orchestrating the government's bailout of AIG - instructed the insurer to pay its counterparties, which included Goldman Sachs and a number of European banks, in full. The BlackRock report is one of many documents recently unearthed by a congressional investigation into the controversial bailout of AIG, which could still cost taxpayers as much as $180 billion...