Word: europeanizer
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Early last Winter, when the west was suffering the first casualties of the credit crisis, sovereign wealth funds (SWFs) rode to the rescue, providing over $40 billion in capital to some of the largest of the faltering U.S. and European banks. The U.S. government - reluctant to bail out banks directly - welcomed this infusion, even though SWFs are investment arms of foreign governments and American politicians are often suspicious of outsiders acquiring stakes in key domestic assets. So instead of a bailout of financial institutions by American taxpayers, we saw a foreign-funded bailout...
...recapitalizing regional banks. Yet there's still no end to the crisis in sight. On July 11, U.S. regulators shut down IndyMac Bank, the second-largest largest financial institution to close in U.S. history. If current estimates are right and more losses are coming - Goldman Sachs says U.S. and European banks may need another $200 billion - where's the money going to come from to keep the financial system functioning...
...growing rapidly. That money needs a home, and the weak U.S. dollar presents foreign investors with opportunities to put it to work by snapping up "bargains" like the Chrysler Building and Citigroup stock. But after turning to SWFs in their hour of need last winter, will U.S. and European officials be willing to do so again...
...Despite his public support for Bush after 9/11, McCain had deep misgivings about him as Commander in Chief. In March 2002, he and two other Senators were at the White House, briefing Condoleezza Rice, the National Security Adviser, about their recent meetings with European allies when Bush unexpectedly stuck his head in the door. "Are you all talking about Iraq?" the President asked, his voice tinged with schoolyard bravado. Before McCain and the others in the room could do more than nod, Bush waved his hand dismissively. "F___ Saddam," he said. "We're taking him out." And then he left...
...crisis including, significantly, regional politicians. He could call for new elections, or invite another leader to pull together a coalition. But he is more likely to ask Leterme to return, yet postpone major reforms until next June, when federal elections would be held, on the same date as European Parliament and regional elections...