Word: euros
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...When the euro was launched in 2002, it was celebrated as a triumph of monetary unity. The 16 nations in the so-called euro zone could certainly use another dose of that founding spirit today. As questions mount about the very future of the currency due to the ongoing Greek debt crisis, there seems to be more anger in parts of Europe over Greece's financial recklessness than a willingness to save Planet Euro from imploding by bailing Athens out. That's certainly the case in Germany and France - the two largest euro zone economies - whose peeved taxpayers will have...
...supposed to fix it," says Karen Schumann, 27, a Berlin media consultant. The complaint has a familiar ring to it. Greece has a staggering budget deficit of 12.7% of GDP and a $410 billion public debt, which free-spending Greek officials long kept secret from the rest of the euro zone. Now that Greece is on the verge of defaulting, its monetary partners will have to hand over huge loans to help keep the country solvent - all in order to prevent the euro from going into a free fall and becoming mere Monopoly money...
...pledge failed to uplift the global financial markets, which continued dumping Greek government bonds and pushing the euro down even further. Hopeful to reverse that, euro zone finance ministers held a follow-up meeting on Monday that was intended to show their collective determination to back Athens up. But the ministers seemed instead to belittle the cost-cutting measures that Greece had proposed by putting forth their own plan for the country to cut spending, raise taxes and finance its debt within 30 days...
...need to bail out their banks to prevent a financial collapse. "I'm against [a Greek bailout], especially since the Greek government cheated in the first place and hushed up the real numbers," says Berlin physician Peter Seidel, 52. (Read "Why Greece's Economic Debt Crisis Threatens the Euro...
...cargo ships - should also prove immune from the financial maelstrom because of its global reach, according to Theodoros Veniamis, the president of the Union of Greek Shipowners. "Shipping is a cyclical business that operates worldwide," he says. "The current crisis won't have a direct impact." (Read: "Is the Euro the New Dollar...