Word: sovereign
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Dates: during 2000-2009
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...there a part of the world you are especially worried about? I'm worried about every part of the world. People thought the rest of the world would decouple from the U.S. That was nonsense. Emerging Europe is on the verge of a fully fledged sovereign-debt, banking and currency crisis. I think China is in a near recession right now. Many emerging markets, even those that are in better shape, are in severe trouble. I don't think there is any economy in the world right now that is safe...
...central banks of the G7 and a number of smaller Western European countries that if some of the nations in Eastern Europe default on their debt, the world may look as it did three decades ago when several Latin American nations struggled to make payments on their sovereign obligations. (See pictures of printing money in Germany...
...Federal government could not have imagined that the defaults on sovereign debt from countries in South America would make Citibank technically insolvent in the 80's. But it happened anyway...
...Decision-making within sovereign states like Chile greatly impacts hemispheric affairs. Bachelet has passed on the opportunity to send a positive message to transnational institutions like the Organization of American States, which have explicitly sought democratic goals. Politicians will not find integrity in positive change for their own nations unless they are ready to advocate that change for all others. As President Bachelet writes her legacy, this chapter will be one that sacrifices the dignity of her diplomacy and ironically makes her a challenge to democracy in Latin America...
...optimism, it turned out. CNOOC tried to buy UNOCAL, the American oil company, and learned about how xenophobic Congressional leaders in Washington could be. Then Beijing's sovereign wealth fund got suckered by Wall Street sharpies. It poured $3 billion into Blackstone in return for a 10% stake in the New York-based private equity firm in 2007, just before the bottom fell out of global debt and equity markets. One private equity banker in New York says the investment is today "worth about half of what they paid, if they're lucky." (See pictures of TIME's Wall Street...