Word: euros
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Dates: during 2000-2009
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...Euro Special. Open Skies, a new subsidiary of British Airways, flies smaller 64-seat Boeing 757s, from New York to Paris. There are only two classes: Biz, with a flat bed, and Prem+, a step up from economy, with reclining seats and 52 inches of legroom. On Oct. 15, the carrier will begin service between New York and Amsterdam; the first 1,000 customers flying Prem+ will pay just $499 roundtrip. The airline will also sell 1,000 Prem+ seats from NYC to Paris...
...pure panic, and the lack of logic involved explains the inability of markets to find new, stable values for stocks," says Deutsche Bank euro-zone economist David Naudé. He concurs with Touati that while the credit crisis and its consequences are grave, the wider economic realities don't merit the dread that is driving market reaction - at least...
...prices and a falling euro, for instance, would have been considered generally good developments only a few months ago. Yet markets are so spooked that they're driving indexes into the ground and thereby increasing the chance of general economic contamination. "We're back to the most basic behavior of stock markets: people buy when they see everyone else buying, and they sell when everyone else is selling," says Naudé. "Confidence is gone despite the generally quick and positive intervention by governments...
...something funny happened as the Europeans smugly watched the American behemoth stumble: the not-so-almighty dollar began to rise. Since mid-July the greenback has gained more than 16% against the euro. And why? Because for all its troubles, the U.S. still looks like a safer and ultimately more profitable haven than Europe, with its irreducible jobless rate of about 8%, or those trendy emerging markets that have now crashed back to earth. You would have thought the U.S. would be hemorrhaging trillions by now; instead the rest of the world is learning to love its currency again...
...scary conditions elsewhere hardly drew attention away from the underlying weakness in Europe's own supervision of its financial institutions. Most of the continent is conjoined into a political union of 27 countries, 15 of which use the euro under the monetary authority of the European Central Bank. But as the recent days' fraught activity has proved, coordination between governments on fiscal and supervisory measures remains strictly voluntary...