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...commission predicts the E.U. economy will shrink 1.8% in 2009. That's going to make borrowing crucial. Ireland's budget deficit is projected to rise to 13% of GDP by 2010; Britain's could hit 9.6%. France and Germany are both expected to blast through the 3% ceiling. The region's debt figures are just as dire. (See pictures of the financial crisis hitting London...

Author: /time Magazine | Title: Europe's Twin Messages: Spend! Stop Spending! | 2/24/2009 | See Source »

...Citi are that it wouldn't have to pay dividends on the common stock, and certain capital ratios would improve. In return, the government would get more of an upside if Citi were to return to health, plus effective control of the company. Whether the government's stake would rise to the 100% that many economists recommend - completely wiping out existing shareholders - is questionable. But Citi does seem inexorably headed for the same ward-of-the-state status currently occupied by insurer AIG and mortgage giants Fannie Mae and Freddie...

Author: /time Magazine | Title: The Beleaguered Banks Get Ready for Their Big Test | 2/24/2009 | See Source »

Although the decision to increase the stipend amount and the number of internships was made long before the global financial crisis hit its peak this year, the rise in the applicant pool likely reflects student demand for stable, paying internships in a difficult job market...

Author: By Evan T. R. Rosenman, CRIMSON STAFF WRITER | Title: IOP Internship Apps Spike | 2/23/2009 | See Source »

Dolan, a St. Louis, Mo., native, is virtually guaranteed to rise to the rank of Cardinal in the next consistory - a formal meeting of the College of Cardinals - at the Vatican. Insiders expect that his first move will be to forge a more direct link not only with New York parishioners but with priests, who privately were among Egan's harshest critics. Still, because it involves New York City, the job is necessarily more than just simple parish work, ideally serving as something of a roving ambassador for American Catholicism and a bridge to every walk of life that exists...

Author: /time Magazine | Title: New York's New Archbishop: A Winning Papal P.R. Move | 2/23/2009 | See Source »

Going forward, Harvard should consider expanding its financial aid programs to families that currently do not qualify for assistance. Since total financial aid output is expected to rise to a record $147 million next year, perhaps the upper boundary of qualification could be raised to accommodate students who currently pay full price, but who are also presumably feeling the pinch of the economic crisis...

Author: By The Crimson Staff | Title: Reasonable Rate | 2/22/2009 | See Source »

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