Word: eurotunnel
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...little more than a decade ago, Queen Elizabeth II of the United Kingdom and French President François Mitterand officially opened a similar experiment: The Chunnel, the underwater tunnel to connect England and France. The conclusions, however, speak to the failure of the results to satisfy the hypotheses. Eurotunnel, the group which manages and operates the tunnel predicted high passenger and freight traffic. Instead, low volumes of both passenger and freight traffic is trapping the company in quicksand—which Spain and Morocco did not heed as a cautionary tale...
...development of communications. But attempts by both governments to solicit part of an estimated $10 billion budget from the European Union are not reassuring. Since the completion of the English Channel tunnel, shares of stock that funded the project lost a great percentage of their value and operator Eurotunnel is limping with minimal hope that freight and passenger train traffic will increase...
...because cooperation on economic development and immigration enforcement substituted the bitter territorial disputes. Immigration issues, however, pose a grave problem for both countries and can only be exacerbated by the planned tunnel. Illegal immigration woes from the English Channel tunnel—refugees jumping from bridges onto moving trains, Eurotunnel losing ?5 million per month as a result—do not bode well for the two countries that continuously experience waves of Moroccan refugees crossing the strait in search of a better life...
...Calais. In late 2002, Nicolas Sarkozy, then France's Interior Minister, ordered shut a Red Cross refugee center in the Calais suburb of Sangatte after British officials complained that thousands were using it as a base to organize crossings to England by jumping on trucks or walking through the Eurotunnel. Sarkozy, whose tough stance against illegal immigration helped build his career and win him the French presidency, claimed that Calais would soon be empty of would-be immigrants. Relief groups decried the move as inhumane and said Sarkozy's initiative would not deter desperate people...
...blunt-speaking CEO, Ulrich Schumacher. He said he was leaving for "personal reasons," but it's clear that the board and shareholders were dissatisfied with the company's performance. An interim chief, Max Dietrich Kley, now runs the company. A revolt by French shareholders led to the ousting of Eurotunnel's chief executive, Richard Shirrefs, and its board. Former travel executive Jacques Maillot leads the motley band of characters trying to keep Eurotunnel, an absolute money pit, out of bankruptcy...