Word: gdp
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...Europe's less profligate members are realizing, the problem with family is that a good name can be tarnished by a single member's bad behavior. Concern over Greece's public deficit - which now exceeds 12.7% of GDP, well over the E.U. limit of 3% - has sent the euro tumbling and caused stock markets across the continent to fall. And with the finances of eurozone countries now under a market microscope, questions are now being asked about Spain and Portugal, which are also battling high deficits. (See pictures of the global financial crisis...
...companies can't sell stock or bonds as easily as investors would like to buy them, the cost of capital will go up," says James Ellman, president of the money-management firm Seacliff Capital. "That hurts companies' ability to expand, buy equipment and create jobs. GDP grows slower." (See pictures of TIME's Wall Street covers...
Little wonder. GDP shrank by 15% last year and factories laid off thousands of workers. Transparency International's Corruption Perceptions Index for 2009 placed Ukraine 146th out of 180 countries, on the same level as Zimbabwe. "Things were better under Leonid Kuchma," says Stepan Grechkivskiy, who owns a milk factory in western Ukraine, referring to Yushchenko's authoritarian predecessor. "There was order, but now there is chaos." (Read more about Ukraine...
...deficit spending - especially in the wake of the worst recession to hit the continent in a lifetime? Because the habit isn't new, and it is clearly harder to kick than governments pretend. Observers note that the borrowing kick has already lifted French public debt to nearly 80% of GDP - a level that Germany is within shouting distance of, and which Italy, Belgium and Greece are well beyond. (See pictures of the global financial crisis...
...happens, they add, governments must also start slashing budgets, reducing expensive state services and cutting jobs - all the things that tend to weigh economies down in good times. Why? Because they say the only way big-spending nations can avoid implementing drastic debt-reduction measures is by prompting massive GDP growth - something few observers see happening anytime soon...