Word: euros
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After this summer's market meltdown and the dollar's fall against the euro, who could blame the weary, wary American investor for seeking shelter overseas? Investing abroad is a logical choice to balance your portfolio. But how much? And where? Time senior writer Daniel Kadlec and reporter Jyoti Thottam asked three top portfolio managers, Gary Bergstrom, chairman of Acadian Asset Management; Barton Biggs, chairman of invest- ment management for Morgan Stanley; and Sarah Ketterer, CEO of Causeway Capital Management. Here are their top picks among overseas markets and some advice on the smartest ways to diversify globally...
...Conservative Party. "Fraud can therefore lie hidden within the system, undetected and untraced." With memories still fresh of the 1999 collapse of the previous European Commission under allegations of fraud and incompetence - few were ever proved - Andreasen's accusation whipped up a furor in British politics, especially among Euro-skeptic Tories...
...Italy, the center-right government of Prime Minister Silvio Berlusconi is in a running feud with the Commission over how to interpret rules requiring budgetary discipline for countries in the euro zone. Those rules, outlined in the E.U.'s Stability and Growth Pact, are proving to be a major obstacle for the Italian government as it tries to implement campaign pledges for income and corporate tax relief...
...government of Prime Minister José Manuel Durào Barroso, which took office in March, said a new audit determined that instead of a 2001 budget deficit equivalent to 2.6% of gdp, the shortfall came in at a whopping 4.1%. Stability and Growth Pact rules hold that any euro-zone country with a deficit above 3% of gdp could face big financial penalties. Obviously, the idea that the E.U.'s poorest country could be fined - on top of huge spending cutbacks the government must make - has not gone down well among Portugal's citizens. Charged by member states with...
...among them is that they face a common paradox. Civilization has made them men of learning, but in order to save it they must leave their studies and become men of action. "Right action is a pale material reflection of the divine," Pears writes. And after all, a good Euro-thriller is all about reconciling the virtues of the contemplative life with the sinful thrills of a good car chase. What could be more civilized than that...