Word: nationalization
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Dates: during 2000-2009
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...During the boom years, banks lent vast sums of money to developers as property fever gripped the newly wealthy nation. But when the bubble burst with the global meltdown last year, these unpaid loans left huge holes in the banks' books and the liberal lending of the Celtic Tiger era came to an abrupt halt. To steady the ship, the government placed a blanket guarantee on deposits in six Irish banks last September. At the time, according to Finance Minister Brian Lenihan, it was "the cheapest bailout in the world." But that claim soon came back to haunt...
...Miami School of Law. Her parents are facing foreclosure on the Miami house she grew up in. They're luckier than others, since they have another home to fall back on, but the experience has convinced Paschal how acute the crisis is in Florida, which now has the nation's highest mortgage foreclosure rate, at 17%. "I'm part of this community," says Paschal, 25. "I can't escape how deeply this is affecting not just my neighbors but me as well...
Lingle's two-year contract with the teachers union and its 13,000 members amounts to a 7.9% pay cut. The bulk of the union's teachers will have 17 furlough days a year, giving Hawaii the shortest school year in the nation. "It's completely Draconian," says Vernadette Gonzalez, whose 5-year-old daughter, Inez Anderson, is a kindergartner at Noelani. "People are shocked when they hear that this was allowed, or even considered as a sane solution to the budget crisis." Gonzalez fears that students will not be able to make up for the lost school time, noting...
...sounded worse that it was. Late Friday evening, with a stroke of his pen, President Barack Obama declared H1N1 a national emergency. The statement said that Obama does "hereby find and proclaim that, given the rapid increase in illness across the Nation may overburden health care resources and that the temporary waiver of certain standard Federal requirements may be warranted in order to enable U.S. health care facilities to implement emergency operations plans, the 2009 H1N1 influenza pandemic in the United States constitutes a national emergency...
Germany's new coalition government put the finishing touches to its policy program this weekend, promising moderate tax cuts to help support the economy, a reduction in the length of compulsory military service, and the continued operation of the nation's aging nuclear power plants. No big surprises there. But one detail could have interesting international repercussions: the man designated to be foreign minister, Guido Westerwelle, is pushing for the U.S. to remove its remaining nuclear weapons from German soil...