Word: spaining
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...Ladies” dance as herself—it’s her alter ego “Sasha Fierce” who’s hitting the stage. Recently I heard about a Swedish parliament member who went on an all-expenses-paid trip to the south of Spain. He claimed it wasn’t him as a politician accepting gratuities to fund the little booze cruise, but rather his alter ego, a drag queen named Ursula...
...government is struggling immensely to pay the bills and teetering on the edge of financial collapse, is a prime example of this, as a Greek default could create a dangerous run on the Euro, which would negatively affect all of Europe because of the united monetary policy. And Spain, Portugal, Ireland, and Italy unfortunately are not far behind when it comes to rapidly approaching fiscal crises...
After a decade of overspending, Greece has fallen into a debt crisis. The country--which along with Portugal, Ireland, Italy and Spain is a member of the so-called PIIGS group of troubled European economies--is carrying a deficit close to 13% of GDP, more than four times the E.U. limit. Part of the blame for Greece's economic woes has been placed on padded public-sector wages and rampant tax evasion. Proposed austerity measures, which include a pay freeze for government employees, prompted thousands to go on strike. European leaders, who fear that Greece's troubles will trigger widespread...
Three other nations on the fringe of the euro zone--Portugal, Ireland and Spain--are caught in the undertow of Greece's crisis. All three have displayed better fiscal behavior than Greece, but they suffer from the same disconnect between their dire local economic conditions and the monetary policymakers in Frankfurt with other things on their minds. Meanwhile, a core euro-zone country, Italy, has also fallen out of favor with investors because of its high government debt. In a sure sign that these troubles are serious, market analysts have assigned them a catchy acronym: PIGS, for Portugal, Ireland, Greece...
...which continued market doubts could drive the value of Greek bonds to junk status, confounding outside efforts to bail Athens out and forcing Greece to simply abandon the euro before it drags the currency down to nothing. "Once that happens, markets then turn successively on indebted countries like Spain, Portugal, Italy and Ireland until they're driven out as well," Hancké explains. "At that point, even if a core of countries continue using the euro after so many others have left, the currency will have lost it's main original function as being the means by which greater European...