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That prudence was one of several qualities that won Boutros-Ghali the IMF job. His track record as Egypt's Finance Minister was another: under him, the notoriously sclerotic Arab nation has grown at an annual rate of 7%. "He's seen as a facilitator, somebody who can generate progress," says Eswar Prasad, professor of trade policy at Cornell University and former head of the IMF's China division. "In Egypt, he's been able to operate under significant institutional and political constraints - that's valuable experience when you're dealing with...
...Michaels, Md., is offering a Spa and Sail package that includes a two-hour sail, a one-hour massage for two and a certificate for a dozen blue crabs and a pitcher of beer at a local restaurant. If you can go midweek (Sunday through Thursday), the rate is $570 for two nights, including continental breakfast; on weekends, the rate goes up to $770 for two nights. 209 North Talbot Street, St. Michaels...
...Gesamtverband, an umbrella group for German charitable associations, and the Federal Statistics Office on May 18 is, according to the its authors, the first report to detail Germany's poverty levels and break the results down by region. It shows that in eastern Germany, for example, the average poverty rate is around 20%, with up to 27% of people in one area, Vorpommern, living below the poverty line. By contrast, in southern Germany, in the states of Hesse, Baden-Württemberg and Bavaria, the poverty rate is around 11%. (See pictures of printing money in Germany...
...Chancellor Angela Merkel's home state, Mecklenburg-Vorpommern, is the poorest region in Germany with a 24% poverty rate; one of the richest is the picture-postcard pretty Black Forest region, with a poverty rate of only 7.4%. According to the report, the massive gulf between rich and poor doesn't only exist between regions, but within them, too. The northern areas of the state of Bavaria have a poverty rate of 15%, more than double the 7% rate in Munich, in southern Bavaria. (Read about Merkel in the TIME...
...surprisingly, the poverty atlas has reawakened the long-raging political debate over a national minimum wage. Germany doesn't have a general legal minimum wage and only six sectors of the economy have a statutory rate - in the construction industry, for example, the minimum pay rate is between $12.50 and $18 an hour. Union leaders and politicians have been calling for a national minimum wage of $10.50 an hour, but Chancellor Merkel and her conservative party colleagues have refused to back down, saying a minimum wage could be counterproductive as jobs that pay less than the required minimum would...