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Anyone believing the global economic crisis to be over should have taken a look around Europe this week. Desperate to revive his country's feeble economy, Irish Finance Minister Brian Lenihan promised $6 billion worth of savings in a budget aimed at taming the country's stubborn deficit. The plan is his second budget this year, and Ireland's harshest in decades. In a mini-budget announced a couple of hours earlier, Britain's Alistair Darling unveiled his government's latest plan to fix the U.K.'s broken economy, including a punitive tax on bankers' bonuses, a rise in social...
...highest in the euro zone. "If you want an example of a political élite that thought membership of the euro zone was a panacea," says Simon Tilford, chief economist at the Centre for European Reform in London, "you don't need to look further than Greece. They're in very serious trouble." (See pictures of the global economic crisis...
...rising labor costs helped the country's share of euro-zone exports fall one-fifth between 2001 and 2008 - the Irish haven't shied from cutting their cloth in recent months. In his budget announced Dec. 9, for instance, Lenihan unleashed deeply unpopular cuts in public-sector pay that look set to trigger strike action. But when it comes to a spending squeeze of their own, says Tilford, "the Greeks are a long way from recognizing that they really have no choice." (Read "Ireland's Economy: Celtic Crunch Time...
...least that's what FlyBy thought when we descended upon Northwest Labs Tuesday to take a look the CS50 Fair, which easily fielded about 200 people at any given moment in a techno-playing, popcorn-scented technological bonanza...
...serene, sunlit galleries of Madrid's Thyssen-Bornemisza Museum, the average art lover would never suspect that behind the sublime beauty of, say, Fra Angelico's Annunciation or Francisco Goya's Women with Two Children, roils a family dispute of such sordidness that it would make Jon and Kate look like the Waltons. But when Borja Thyssen, son of deceased multimillionaire Heinrich Thyssen and his fifth wife, Carmen (Tita) Cervera, decided to lay claim to his inheritance, he unleashed a tide of criminal accusations and ugly recriminations that has kept the editors and producers of Spain's gossip industry...