Word: frankfurts
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After his speaking engagement in Chennai, India last Thursday, Harvard Business School Professor Robert S. Kaplan planned to spend the weekend hiking in Switzerland before giving another speech in Frankfurt, Germany...
...Friday morning, civil-aviation authorities in Belgium, Denmark, Ireland, Finland, Norway and Sweden had closed all or parts of their airspaces. In France, officials shut down 24 airports, including Paris' Charles de Gaulle. In Germany, authorities closed 12 of the country's 16 airports, including Berlin, Frankfurt and Hamburg. Eurocontrol estimates that roughly half of the 600 transatlantic flights scheduled for Friday have been canceled. (See pictures of the world's most polluted places...
...that catching them will be that much easier, they hopefully will think twice before committing the crime. Technology has undoubtedly contributed to the decrease, not only in highlighting crime hot spots as mentioned, but also in solving crimes, getting criminals off the streets, and as a deterrent. Edward Bent, FRANKFURT, GERMANY...
...reality was more complicated. Greece now had a solid currency--but it wasn't Greece's currency. The euro was managed by monetary wonks at the European Central Bank in Frankfurt for whom the Greek economy was but a blip. And the decision makers in Athens with responsibility for fiscal policy continued to blunder. The country kept running big deficits in the boom years. Then came the Great Recession. Last fall, a new government revealed that the 2009 budget deficit was much higher than previously disclosed--nearly 13% of GDP. Ever since, the world's financial markets have been going...
...other nations on the fringe of the euro zone--Portugal, Ireland and Spain--are caught in the undertow of Greece's crisis. All three have displayed better fiscal behavior than Greece, but they suffer from the same disconnect between their dire local economic conditions and the monetary policymakers in Frankfurt with other things on their minds. Meanwhile, a core euro-zone country, Italy, has also fallen out of favor with investors because of its high government debt. In a sure sign that these troubles are serious, market analysts have assigned them a catchy acronym: PIGS, for Portugal, Ireland, Greece...