Word: europeanization
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...Bocuse d'Or is the gastronomic version of the Apollo program. There's no real reason to do it, the difficulties are nearly insoluble, and the cost in time and money is prohibitive. But to plant the flag on the alien surface of European haute cuisine! To beat the Frenchies at their own game! The chef that pulls that off will be a hero to his peers, and will make his career overnight...
...Risks are materializing, and therefore there is a clear case for additional measures," said Olli Rehn, European Commissioner for Economic and Monetary Affairs, perhaps airing a not illogical belief that Greece may try to avoid all the pain necessary to resolve the crisis it created. "We're trying to change the course of the Titanic," shot back Greek Finance Minister George Papaconstantinou. "Anyone else doing this would get applause. But they tell us, 'You're not doing enough. You won't be able to do it anyway...
...indeed get even worse. At a summit in Brussels on Feb. 11, European leaders pledged to help Greece deal with its crushing debt while Athens said it would slash its budget deficit to 3% by 2012 - but the leaders produced few details on how exactly they would help. (Read "E.U. Comes to Greece's Rescue, with Strings...
...hard sell indeed, but one that European governments may have to make if the financial markets keep attacking Greece - and by extension, the euro. Helping an undeserving partner may be unpopular, but it's probably less so than the euro's possible demise...
...Road Ahead Brussels has okayed the Greek austerity plan but warned that it will be subject to unprecedented monitoring. Joaquin Almunia, the European Commissioner for Economic and Monetary Affairs said Athens' targets were "ambitious" but "achievable." Importantly, Greece managed to raise about $11 billion in its first postcrisis bond offering on Jan. 25. But relief was short-lived. Within days the spread over 10-year German bonds, the European benchmark, reached a record high. The bottom line: until the Greek government delivers results, the pressure...