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...even included in their ranks uniformed police officers and firefighters - groups of masked and hooded youths waged running street battles with riot police, smashing the windows of banks and luxury stores and hurling rocks and Molotov cocktails. The police responded by covering central Athens with a haze of tear gas. "War against the capitalists!" the protesters shouted, many with their faces covered to protect against tear gas. "No more sacrifices!" (See why Greece's austerity program may be long overdue...

Author: /time Magazine | Title: Greek Austerity Measures Spark Rising Protests | 3/11/2010 | See Source »

...Greek protesters are angry but resigned. Few believed the demonstrations would force the government to retract the measures, but they hoped to make their pain clear - and issue a warning to the government against cutting any deeper. With clouds of tear gas wafting over the capital on Thursday, it was clear that in Greece's struggle to bring its finances under control, no one will escape the sting...

Author: /time Magazine | Title: Greek Austerity Measures Spark Rising Protests | 3/11/2010 | See Source »

...century later, it turns out that the Portuguese were right. Seismic tests over the past 50 years have shown that countries up the coast of East Africa have natural gas in abundance. Early data compiled by industry consultants also suggest the presence of massive offshore oil deposits. Those finds have spurred oil explorers to start dropping more wells in East Africa, a region they say is an oil and gas bonanza just waiting to be tapped, one of the last great frontiers in the hunt for hydrocarbons. "I and a lot of other people in oil companies working in East...

Author: /time Magazine | Title: Is East Africa the Next Frontier for Oil? | 3/10/2010 | See Source »

...have wanted to pay the cost of searching for oil or gas in the region, or risk drilling wells in volatile countries such as Uganda, Mozambique or Somalia. But better technology, lower risk in some of the countries and higher oil prices in recent years have changed the equation. Wildcatters and majors such as Italy's Eni, Petronas of Malaysia and China National Offshore Oil Corporation (CNOOC) have all moved on East Africa in the past few years...

Author: /time Magazine | Title: Is East Africa the Next Frontier for Oil? | 3/10/2010 | See Source »

...They're hoping to mimic London-based Tullow Oil, which discovered some 2 billion bbl. of oil in landlocked Uganda over the past four years. Last month, Texas-based oil company Anadarko Petroleum Corp. announced that it had tapped a giant reservoir of natural gas off the coast of Mozambique. "Anadarko's find went off like a bomb here in Houston," says Robert Bertagne, a Texas-based oil wildcatter. "It was, 'Wow, we are finding large quantities of gas, and that means we have hydrocarbons in the area.' Once you have a discovery, more people are going...

Author: /time Magazine | Title: Is East Africa the Next Frontier for Oil? | 3/10/2010 | See Source »

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