Word: problem
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Dates: during 2010-2019
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...German banks have been working round the clock for the past week to try to fix the problem, which involves reconfiguring tens of thousands of cash machines and payment terminals in German stores and supermarkets, as well as those in countries visited by vacationing Germans, to be able to read the faulty chips. Officials said that replacing all of the cards would simply be too costly and time-consuming. (See the worst business deals...
...come up with their own solution - covering the faulty chips on their bank cards with tape so tellers can process payments through the magnetic strip instead. But consumer groups point out that magnetic strips are not as secure as chips, and they've urged the banks to solve the problem as quickly as possible. (Read "The Economy's Perilous Waters...
...largely stagnant. According to HDE, the German retailers' association, at least a fifth of all payment terminals in German stores could not read the faulty cards after Jan. 1. Furious over the loss of sales that resulted, retailers have lashed out at the banks for failing to spot the problem earlier. "We have angry customers and lost revenues and it's simply not our fault," Stefan Genth, the head of HDE, told the German daily Bild. Genth says retailers already have to foot an annual bill of more than $150 million in charges to banks when credit and debit cards...
...Until the banks fix the problem, Germans will have no choice but to be patient. Or they could always pay for their goods the old-fashioned way - by cash...
President Barack Obama's announcement on Tuesday that he is suspending repatriation of Yemeni detainees held by the U.S. at Guantánamo Bay solves one political problem but creates another. In the short term, it neutralizes the GOP talking point that Obama was putting the closure of the detention facility ahead of national security by sending Yemenis home. But it presents a longer-term challenge of how to win the battle to close the facility, which has been a key part of the GOP's strategy to undermine Obama from his earliest days in office...