Word: parlous
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...Papandreou is certainly raising the stakes. Greece's public finances are in a parlous state, and Papandreou says the government must refinance a large chunk of its fast-growing debt - conservatively estimated at 125% of GDP - or risk defaulting on its loans. He wants E.U. leaders to agree once and for all on a financial safety net for his country when they meet for a summit in Brussels on Thursday and Friday. If the E.U. can't come to terms on a rescue plan, he says, Greece will be forced to turn to the International Monetary Fund (IMF) - a move...
...other parts of Europe, things are looking even worse. Shares on the Greek stock market have fallen 9% over the past two days. The parlous state of Greece's public finances has prompted credit-rating agency Fitch to lower the country's debt rating to BBB+, the lowest in the euro zone, Europe's single-currency region. Further blows could follow: rival agencies Moody's and Standard & Poor's have threatened similar moves in recent days. (See 10 things to do in Athens...
...giant oil fields. The deals will not only allow Big Oil to return to Iraq for the first time since Saddam nationalized the industry in 1972. By modernizing a production system wrecked by conflict and embargoes, Iraq's exports could also get a huge boost, putting the country's parlous economy on firmer footing and allowing Iraq to take its place as an oil power almost equal to Saudi Arabia. (Watch a video about the gas shortage in Iraq...
...over the past several months, the prices of oil, copper, palm oil and others have rallied. This shouldn't be happening given the parlous state of the world economy. The International Monetary Fund in April cut its global growth forecast for 2009, predicting GDP would contract by 1.3%, the most severe recession since the 1930s. Yet oil is some 60% more expensive now than in December. Palm oil, which is used in a wide variety of manufactured foods, has surged more than 50% this year. "The only area of the world economy I know of where the fundamentals are improving...
...Sherzai has made headlines by suddenly pulling out from the presidential race - a move that says as much about the parlous state of Afghanistan's young democracy as it does about its cynical politics. (See a multimedia look at the war in Afghanistan...