Word: primes
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...Perhaps, then, it's only fitting that Greek government debt is the biggest threat to global financial stability today. Warning that Greece was in "critical condition," Prime Minister George Papandreou recently said that his country "faces the risk of sinking under its debt." Jitters over a potential Greek default have punished the value of Europe's common currency, the euro, and driven down stock markets around the world. Policymakers worry that Greece's woes will spread to other weaker members of the euro zone, such as Portugal, Ireland, Italy and Spain - a collection of countries traders have nicknamed the PIIGS...
...also inevitable. Pressure is building on political leaders to prove they're serious about getting their countries' finances in order. In late January, S&P warned that it could downgrade Japan's sovereign rating if the new administration of Prime Minister Yukio Hatoyama doesn't rein in the deficit. In his January State of the Union address, President Barack Obama pledged to freeze discretionary fiscal spending for three years starting in 2011. "Like any cash-strapped family, we will work within a budget to invest in what we need and sacrifice what we don't," Obama said. (See pictures...
...hikes, but his European counterparts are demanding an even stricter program. That presents a huge test to his regime. Government workers have already staged strikes to protest Papandreou's plans. So far, he's held firm. A recent poll showed that two-thirds of Greeks believe the Prime Minister's measures are necessary; only 41% think they go far enough. "The government has seen the problem and is trying to do something," says Helen Tourkogeorgou, a 32-year-old stay-at-home mother in Athens. "The crisis has opened its eyes...
...YONG IL, Prime Minister of North Korea, reportedly apologizing for a decision to revalue the nation's currency in November, which in turn wiped out much private wealth...
Ending a five-year diplomatic freeze, the White House nominated Robert Ford as ambassador to Syria on Feb. 16. The U.S. had removed its ambassador in 2005 to protest Damascus' possible involvement in the assassination of former Lebanese Prime Minister Rafik Hariri. While the U.S. still disapproves of Syria's support for Lebanese militant group Hizballah, Ford's nomination indicates a renewed attempt at dialogue with the regime...