Word: euros
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...PARIS, FRANCE Crash Diet Wrapped in a brown apron as he greets visitors with a warm, booming voice, François Bonduel owns the kind of Parisian restaurant beloved by tourists and locals alike. But these days - with the euro still strong and economies seizing up around the globe - the foreign visitors that typically make up a third of Bonduel's clientele have been thinning out and spending less. To make matters worse, many French visitors to his restaurant, Au Bon Saint-Pourçain - a stone's throw from the Saint-Sulpice church in Paris' tony sixth arrondissement...
...amid the shocking developments of the past few months, the dollar has surprisingly gained strength. It has rallied more than 16% against the euro since its trough in early July and made impressive advances against the Australian dollar, South Korea's won and other currencies. There's a fairly simple explanation for this: it's not that people want to own dollars, its just that they want to own the alternatives even less. There's certainly nothing mysterious about the dollar's recent strength against the euro. Between July 1, 2006, and July 1, 2008, the dollar lost 19% against...
...dropped sharply between 2005 and 2007 and then flattened out at 25-year lows. But the latest statistics from France, Ireland, the U.K. and some other countries show that the unemployment rate is starting to pick up again. The IMF, which has slashed its growth forecast for the euro-zone countries for 2009 to a negligible 0.2%, predicts that the percentage of jobless in those 15 countries will jump above 8%. Worst hit will be Spain, where it predicts unemployment will be close to 15% next year, up from...
Until now. In recent weeks, Ireland became the first country in the euro zone officially to stumble into recession. House prices - after rising almost threefold in the decade to 2007 - have slumped 10% in the past year, weakening Ireland's construction industry, which plays an outsized role in the country's economy. Throw in frozen credit markets, high inflation, soaring unemployment and a new tax to pay for the financial crisis bailout, and it's little wonder Ireland's workers are again pondering a move abroad. Dublin's Economic and Social Research Institute, a think tank, forecasts...
Paris, France Wrapped in a brown apron as he greets visitors in a warm, booming voice, François Bonduel owns the kind of Parisian restaurant beloved by tourists and locals alike. But these days - with the euro still relatively strong and economies seizing up around the globe - the foreign visitors that typically make up a third of Bonduel's clientele have been thinning out and spending less. To make matters worse, many French visitors to his restaurant, Au Bon Saint-Pourçain - a stone's throw from the church of St. Sulpice in Paris' tony sixth arrondissement...