Word: riche
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...company had declared it was unable to pay its debts. Officially, Dubai owes its creditors $80 billion, though a recent report by regional investment bank EFG-Hermes estimates that the city may be in the hole for as much as $170 billion. After Sheik Khalifa al-Nahyan, the oil-rich ruler of neighboring Abu Dhabi, stepped in with $10 billion to stave off an embarrassing default, the skyscraper's owners changed the building's name to Burj Khalifa. For a city used to grand statements, it was a remarkable comedown. (See pictures of the world's tallest building...
...little choice but to listen to its foreign creditors and stakeholders. And wealthy as they are, the leaders of the gulf countries also know their societies have to eventually change too, says economist Sfakianakis. Oil generates wealth, but the oil industry doesn't generate many jobs. Even in rich Saudi Arabia, unemployment is officially 11.6% - and that's among men only. Some 65% of the population in the broader Middle East is younger than 30. For the region's governments to create jobs for all those young people, they will have to continue opening up to the private sector, foreign...
...Greek Drachmas would get you $3.33. By May 2000, that was down to 27¢. That's the way the currency crumbles in a smallish, less than rich nation beset by government budget deficits, inflation and a spotty record of economic policymaking. Convincing foreign investors to buy your debt is a struggle. Financial life is difficult in ways scarcely imagined by inhabitants of the lucky (and not large) club of nations with solid currencies...
...scathing indictment of the industry, or seen the 2003 documentary Super Size Me, in which a filmmaker ate only McDonald's for a month and - shockingly - got fat. Instead, McDonald's has learned to focus on balance: you add a healthy Southwest Salad, and then you add a rich Angus burger. Also, you don't mess with the fries. Coudreaut could never mess with the fries...
...have is a terrible debt and deficit problem that virtually all European nations share and no collective structures to deal with any of it," says Philippe Moreau Defarge, a European affairs expert at the French Institute on International Relations. "Europe is being forced to recognize it isn't as rich or as well-organized as it thought, and faces several long, hard years of finding its way back to solid ground." (See "Greek Tragedy: Athens' Financial Woes...