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However, Hancké describes a scenario in which continued market doubts could drive the value of Greek bonds to junk status, confounding outside efforts to bail Athens out and forcing Greece to simply abandon the euro before it drags the currency down to nothing. "Once that happens, markets then turn successively on indebted countries like Spain, Portugal, Italy and Ireland until they're driven out as well," Hancké explains. "At that point, even if a core of countries continue using the euro after so many others have left, the currency will have lost it's main original function...
...height of lax lending, will eventually go bad. The kicker is that most option ARMs undergo payment spikes after five years, which means the brunt of the impact has yet to be felt. That will change in late 2010, delivering another blow to the fragile housing market just as it begins to regain strength...
With the housing market as it is, borrowers will find few good alternatives for rescue should they run into trouble. The traditional response of refinancing into a more affordable loan is off the table for many homeowners, considering that property prices have plummeted. More than 85% of option-ARM holders owe more on their loan than their house is worth, a situation known as negative equity or being underwater. Typically, a refinance is impossible without the borrower having at least 20% equity in a house...
...guard. But since those early days of the real estate crisis, all sorts of loans have gone sour in large numbers, including plain-vanilla 30-year fixed rates. "Option ARMs don't have the monopoly on poor performance," says Amherst senior managing director Laurie Goodman. "It permeates the market." When the resets come, we'll feel it - but it won't be anything we haven't felt before...
...What has really drawn defense companies to India, however, is the smaller-ticket market for internal security, especially after the Nov. 26, 2008, terrorism attacks in Mumbai. "We had to rethink our strategy after 26/11," says Woolf Gross, corporate director of international programs for Northrop Grumman. "After our review, we decided to cater to India's homeland security." The company adapted one of its surveillance systems, for example, to identify suspicious vehicles at sea, the route that the Mumbai attackers are believed to have used. For the first time since the inaugural Defexpo in Delhi in 1999, Northrop Grumman...