Word: europeanize
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Dates: during 1990-1999
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...probably a safe bet that today's Harvard students could not name the European countries that will use the Euro if their lives depended...
...announced Friday that Russia had found the funds, via "certain extra-budgetary sources," to pay for its continued participation in the international space station project. (Russia has to cough up $240 million this year alone.) Translation: Nemtsov may be hinting at a cosmic bailout. "They?ve been talking to European countries about short-term financing in order to get the thing into space," says TIME Moscow correspondent Andrew Meier. "Somebody will probably step into the breach with a bailout -- it's an interesting metaphor for the country?s entire crisis...
France kicked off its World Cup soccer campaign today with a preemptive strike two weeks before the opening whistle. The French police coordinated with allies in five European cities to issue a yellow-card warning to Algeria?s Armed Islamic Group. At least 60 members and sympathizers were arrested in what appears to be less of a response to a specific threat or conspiracy, but a pre-emptive strike designed to wrong-foot elements who might be planning a world cup terror campaign, says TIME Paris correspondent Bruce Crumley. ?France is sufficiently aware of the terrorist threat to have conducted...
...result: in just three decades, the volume of derivative contracts with U.S. commercial banks exploded, from practically zero in the early 1970s to more than $25 trillion today, an amount exceeding the size of the U.S., European and Japanese economies combined. Bankers quickly, and appropriately, point out that this figure really represents just the "notional" amount, or face value of the derivatives, and not what they could potentially lose. But the amount due, or at risk, is derived (hence derivative) from those vast notional amounts...
Foreign lenders have already been hit. One large European bank lost not only big money on derivatives but also possibly its independence as well. Union Bank of Switzerland took a $250 million beating from derivatives last year, one reason it rushed into the arms of Swiss Bank Corp...