Word: euros
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...parts of Europe, things are looking even worse. Shares on the Greek stock market have fallen 9% over the past two days. The parlous state of Greece's public finances has prompted credit-rating agency Fitch to lower the country's debt rating to BBB+, the lowest in the euro zone, Europe's single-currency region. Further blows could follow: rival agencies Moody's and Standard & Poor's have threatened similar moves in recent days. (See 10 things to do in Athens...
...Nowhere more so than Greece. Years of debt-fueled consumption and lax fiscal policies have left the country drowning in red ink. National debt is expected to rise to 125% of GDP in 2010, the highest in the euro zone. "If you want an example of a political élite that thought membership of the euro zone was a panacea," says Simon Tilford, chief economist at the Centre for European Reform in London, "you don't need to look further than Greece. They're in very serious trouble." (See pictures of the global economic crisis...
...noticed a related issue when I told friends I was taking my 12-year-old niece to Austria and the Czech Republic on a two-week Adventures by Disney trip. "But isn't Euro Disneyland in France?" was a question I frequently...
...dollars to the financial crisis of 2007 and '08 and a future of rampant inflation that hasn't materialized yet but that many doomsayers are convinced is on the way. And while there's been talk of the dollar being supplanted as the world's reserve currency by the euro or the Chinese yuan, that would still leave a monetary system dependent on the whims of one central bank...
...pictures from Euro...