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...another maelstrom. The global economic crisis has hit countries like Latvia, Hungary and Poland particularly hard. Eastern Europe's boom over the past few years was fueled in part by heavy borrowing from Western banks and easy access to foreign currency denominated loans. Now, with credit dried up, huge debt loads to pay and Eastern European currencies in free fall, the good times are truly over...

Author: /time Magazine | Title: The Economic Crisis Hits Eastern Europe | 2/25/2009 | See Source »

...acting could end up costing Western capitals more than helping out. That's because Western banks have huge exposure to emerging European economies, either directly or through local subsidiaries. Austrian banks alone have a more than $293 billion exposure to Eastern Europe, roughly 80% of the Austrian GDP. When, on February 17, rating agency Moody's warned that it might downgrade a number of western European banks with exposure to the region, the euro plunged to a three month low of $1.26 against the dollar. "Given the combination of banking and trade links between Eastern and Western Europe that have...

Author: /time Magazine | Title: The Economic Crisis Hits Eastern Europe | 2/25/2009 | See Source »

...achieve success. “They definitely got me into it. I was always watching their games from the sideline, and as a younger brother, they are your heroes,” Cohen said. “You always want to fill their shoes, and they had such a huge impact on and off the field”.Cohen followed his brothers’ example while lettering at Syosset High School. In addition to breaking the all-time Long Island scoring record, he tallied 85 career assists. He led Syosset to the 2008 Long Island Championship as well...

Author: By Colin Whelehan, CONTRIBUTING WRITER | Title: Freshman Cohen Shines In Upset Win at Duke | 2/25/2009 | See Source »

...According to CNBC, AIG is about to post another huge loss. "Sources close to the company said the loss will be near $60 billion due to writedowns on a variety of assets including commercial real estate." The financial channel also reports that the need for capital may be so great that AIG might have to enter Chapter 11, something the government has spent over $130 billion trying to prevent. (See pictures of the Top 10 scared traders...

Author: /time Magazine | Title: AIG's Distress: Are There Enough Fingers for This Dike? | 2/24/2009 | See Source »

Research now suggests that much of the achievement gap in the U.S. is in place before children even reach kindergarten, suggesting parents play a huge role in their kids' academic success. How does those conclusions fit into your own research? Adoption studies show that being raised in an intellectually rich environment can give a temporary boost to a child's intelligence and knowledge. The reason it's temporary is that bright children raised in less advantageous environments eventually catch up. But there's another factor here: subculture. A child raised in a subculture that values intellectual activities and takes schoolwork...

Author: /time Magazine | Title: Why Parents (Still) Don't Matter | 2/24/2009 | See Source »

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