Word: gros
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...Iceland's future may not be as imperiled as the British and Dutch suggest. "When you have a debtor who cannot repay immediately, what do you do? Do you beat Iceland to pieces? If you do, the chances of getting the money back goes down the drain," says Daniel Gros, director of the Centre for European Policy Studies in Brussels and a board member of the Central Bank of Iceland. "The U.K. and Netherlands may feel that it would be easier to be repaid if Iceland is in the E.U." (Read "Iceland's Urgent Bid to Join...
...Gros Morne National Park Located on the province's west coast, this wonderland of forest and fjords, www.grosmorne.com, is home to moose, caribou, whales, eagles and black bears. Spend a morning hiking around the Tablelands, a slice of ancient ocean floor forced up when the continents of Africa and North America collided several million years ago. Then take a boat trip down Western Brook Pond in the isolated northern reaches of the park. Don't be fooled by the word pond: Western Brook is 10 miles (16 km) long. The journey through the jagged cliffs and cascading waterfalls will leave...
...Loft This homely, unpretentious and very affordable eatery, www.theoldloft.com, is housed in a restored "net loft" - a building used by fishermen to store goods and repair their nets. Tucked away in Woody Point, one of the sleepy coastal communities within Gros Morne National Park, it's a place to scoff your way through some of the tastiest seafood in the province - from capelin to cod chowder, buttery mussels, scallops and more. While you wait for your meal to arrive, you can mosey around the downstairs craft shop and stock up on quality souvenirs...
...Luxembourg) of the E.U.'s 27 members expect to break the deficit ceiling in the coming year. In such circumstances, the E.U. should suspend the pact immediately, says Daniel Gros, director of the Brussels-based Centre for European Policy Studies. "It means it doesn't break - it bends. And it is ready to bounce back," he says. "We could then reaffirm them when we have a better idea of where the economy is going." Not that anyone knows when that will...
...Which still leaves the problem of how to address the broader crisis now that the country-by-country approach appears to be failing. Gros recommends a common European scheme to shore up capital of distressed banks and the establishment of a "clear center of joint responsibility for the supervision and liquidity support of cross-border European banks," which he says should be housed in the European Central Bank. (At present, the chief tool available to the ECB is lowering interest rates...