Word: globalizing
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Dates: during 2010-2019
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...country to mend its ways. Now, with Greece's public debt ballooning out of control and Greece accused of putting the integrity of the euro at risk, the stakes are higher. Greece must cut spending and raise more revenue or risk defaulting on its debt. (See pictures of the global financial crisis...
...poisonous finances could infect the rest of Europe, the euro has slipped by almost 7% against the dollar. The Greek crisis is proving to be a crucial test for the long-term viability of Europe's common currency itself. Nouriel Roubini, one of the economists who predicted the global financial crisis, and his colleague Arnab Das argued in a Feb. 3 opinion piece for the Financial Times that unless Europe works out some formal rules to deal with individual states' problems, "doubts about EMU [Economic and Monetary Union] sustainability will return in every downturn. Sooner or later these doubts will...
...last six months, the carrier added routes to Egypt, Israel and Turkey. Greece's $40 billion shipping industry - the country controls 22% of the world's oil-tanker fleet and nearly 25% of its cargo ships - should also prove immune from the financial maelstrom because of its global reach, according to Theodoros Veniamis, the president of the Union of Greek Shipowners. "Shipping is a cyclical business that operates worldwide," he says. "The current crisis won't have a direct impact." (Read: "Is the Euro the New Dollar...
...make a real break with the past, the Greek state must also go global, say business executives and business analysts. Athens needs to lure foreign investors aggressively, which means offering everything from tax breaks to helping investors navigate the bureaucracy associated with setting up shop. "We must transform Greece into a welcome place to do business," says Eurobank's deputy CEO Nikolaos Karamouzis. The potential for future investment - in tourism and renewable energy in particular - is promising. Wind-energy generation alone is expected to increase fivefold in the next decade. "The new Greek government seems determined to push the 'green...
Even as the company was catching the global No. 1, General Motors, the reputation of Toyota's cars was slipping. Spear, who apprenticed in its factories, says the problem was that the Toyota way--in which knowledge accumulated by élite cadres of engineers and assembly workers over many years is shared across the company--got diluted by the demands of production. "Even in the late '90s, people in Toyota would say, 'This is going to bite us in the ass,'" says Spear. "They just didn't know when...