Word: londonized
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...threaten countries now? Simon Tilford, chief economist at the London-based Centre for European Reform, says any attempt to stick with the pact through the global economic crisis could unleash a political crisis. "Against a backdrop of recession or economic stagnation, painful spending cuts would be extremely difficult for any government to sell to voters," he says, questioning whether such reductions would even succeed. "Drastic cuts in spending or [raising] tax risks deepening the recession, which would in itself prevent an improvement in the fiscal position...
...borrowing crucial. Ireland's budget deficit is projected to rise to 13% of GDP by 2010; Britain's could hit 9.6%. France and Germany are both expected to blast through the 3% ceiling. The region's debt figures are just as dire. (See pictures of the financial crisis hitting London...
...Giovanna Bertazzoni, head of Impressionist and modern art for Christie's London, is hoping that Monday's record results will give a boost to future sales, after several auctions have taken place with extremely limited supply. "This was a special case," she said of the Paris auction. "But we hope that this will help us unearth more masterpieces, to convince others that this is a good time to sell. We see tonight that people very much still want to invest in art." Nevertheless, the same logic - and the shaky world financial system - may yet convince collectors to hold...
...Monday afternoon, a military flight touched down at an airbase on the outskirts of London. A frail man disembarked for an undisclosed location. This was the quiet homecoming of Binyam Mohamed, an Ethiopian refugee and British resident, who has finally been released after more than four years in Guantánamo Bay. "I have been through an experience that I never thought to encounter in my darkest nightmares," said Mohamed in a statement, read out by his British lawyer Clive Stafford Smith at a hastily arranged press conference. (See pictures from inside Guantánamo...
That impression was given traction by the revelation that a U.S. official had written a letter to the British courts at the request of the Foreign Office warning of the risks for future intelligence sharing between Britain and the U.S. if London released U.S. classified material. Some press reports interpreted this as evidence of collusion to withhold the requested material. But a senior Foreign Office official says the British government had urged counterparts in America to provide the information requested by Mohamed's legal team. "We were saying to the Americans we think you should disclose this material to Mohamed...