Word: nationalizations
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California's crisis continues while Governor Arnold Schwarzenegger and legislative leaders inch slowly toward agreement on the deep cuts necessary to close the state's massive $26 billion budget shortfall. Now, even as California continues to pay its bills with IOUs, the University of California, the nation's leading public university, is being forced to cut its budget by $813 million - or 20%. It is highly unlikely that these cuts will be reduced by a budget agreement in Sacramento...
...number of proposals for regulators to develop new ways of better tying compensation to long-term risks. That leaves the White House vulnerable in the coming months. If Wall Street decides to cash in on its recent winnings despite the public rhetoric of the Administration, the contrast with the nation's still growing unemployment rate couldn't be starker. "It's just got to feel wrong to a lot of people," says Douglas Elliott, a fellow at the Brookings Institution, speaking of the Goldman compensation announcement. "It seems to me a political mistake...
...July 17 blasts deal a blow to Indonesia's image. Yudhoyono's resounding re-election on July 8 was widely viewed as a sign of growing stability in the country. Foreign investors had been returning to the country, which is seen as a Southeast Asian success story - a nation where Islam and democracy peacefully coexist. Now that idyll has been shattered...
...wish for the tiny nation of just 320,000 people. But last fall's abrupt economic collapse forced Iceland to rethink its traditional skepticism about the E.U. In the space of just days, as huge debts tore at Iceland's banking system, the country went from being one of the world's richest nations per head to virtually a failed economy. The statistics tell a stunning story: Iceland's currency, the krona, shed nearly half its value; inflation rose to over 12%; the stock exchange fell 89%; a $10 billion IMF bailout was sought; half the country's businesses became...
...even ardent Euro-enthusiasts are loath to see their prime natural resource fall under the sway of the E.U.'s controversial Common Fisheries Policy (CFP). But while Reykjavik cannot expect an exemption, it could negotiate special protocols to take account of the importance of the fishing sector to the nation...