Word: pact
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Dates: during 2000-2009
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...BOTTOM LINE It's like the legend of Ulysses. The pact helps a government to tie itself to the mast and resist the sirens. JOSE MANUEL DURAO BARROSO, Portugal's Prime Minister, on supporting the Stability and Growth Pact...
...Treaty early this month. But after three days of marathon sessions, negotiators struggled to find wording for a final joint communiqué. Officials acknowledged that they had failed to make headway in getting Pyongyang to address the international community's concerns about its decision to withdraw from the nonproliferation pact, an accord that blocked it from developing nukes. But Seoul said that it would push ahead with efforts to end the crisis peacefully, announcing that it would send high-level envoys to Pyongyang this week. South Korea's President-elect Roh Moo-hyun said he would be willing to meet...
EUROBLUES Vive le Déficit With nary a whimper, Germany joined 14 other E.U. members to approve disciplinary measures for its own violation of the Stability and Growth Pact, which limits deficits to 3% of GDP. But when the E.U. warned France for an expected 2.9% deficit this year, Finance Minister Francis Mer said au contraire, "we will climb the mountain at our own rhythm." Mer was rebuked by E.U. Commissioner Pedro Solbes, and by week's end, the French resistance seemed to be cracking. Mer vowed to use reserve funds to keep deficits down. But unless France reins...
Even as Palmisano sat down to talk with TIME at IBM's woodsy, secluded headquarters in Armonk, N.Y., he was busy last week announcing a pact to outsource more of IBM's PC and low-end server manufacturing. "This is the opportunity of a lifetime for IBM," he says, "to go from a company that was almost out, to a comeback, to being the undisputed leader...
...That's a question that France - which has already been involved in a face-off with Brussels over the pact's restrictions - may also have to answer. The program that President Jacques Chirac unveiled when standing for re-election last March assumed 3% growth over the next five years. Chirac told voters that such expansion would allow him to cut income taxes by a third, lower some corporate rates, and boost spending on police and defense. But if he keeps his promises, it will be impossible for France to toe Brussels' line. In the past, Chirac has had a major...