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...Russia's fragility: the boom, it turns out, was built on expensive oil, and precious little else. Economic growth, which averaged more than 7% for the past five years, has tumbled and may drop below 2% next year. And for the first time since the collapse of the Soviet Union in 1991, the threat of large-scale unemployment looms. "Money was falling from the sky in the past two to three years," says Maxim Oreshkin, the head of research at private-sector Rosbank in Moscow. "Now it's stopped falling...

Author: /time Magazine | Title: Russia's Big Chill | 12/11/2008 | See Source »

...Athens boy during a Dec. 6 confrontation, protesters rioted in the Greek capital for nearly a week, battling law enforcement, setting cars ablaze and torching the city's Christmas tree (above). Fueled by frustration over unemployment and official corruption, thousands of Greeks smashed storefront windows and cars as union and transit workers staged a national strike. "It's very simple: we want the government to fall," a member of the Socialist Workers Party said on Dec. 9 as 10,000 people marched on Parliament...

Author: /time Magazine | Title: The World | 12/11/2008 | See Source »

...spiritual patriarch of more than 110 million members of the Russian Orthodox Church, Alexy II, 79, led his followers for 18 years. Credited with restoring the church in the post-Soviet era, he mended a rift with a rival sect established by Russians who had fled the Soviet Union for the West. In his later years, Alexy was an ardent supporter of Prime Minister Vladimir Putin...

Author: /time Magazine | Title: Milestones | 12/11/2008 | See Source »

...teachers didn't even want to choose between merit pay, based on performance, plus losing a year of tenure, and a standard smaller raise on an annual basis exposes the core issue regarding our failed public-school system. The vast majority of public-school teachers (as represented by their union) are willing to accept below-proficiency pay in return for job security because they are painfully aware of their collective ineptitude. When tenure is eliminated and teachers can make up to $130,000 per year for extraordinary performance, educators like me may be encouraged to (re)join public service. Until...

Author: /time Magazine | Title: Inbox | 12/11/2008 | See Source »

...McDonald's, the streets of Warsaw were guarded by tanks and lined with small bonfires to warm the hands of military patrols. On Dec. 13, 1981, General Wojciech Jaruzelski, Poland's Prime Minister, imposed martial law, initiating a brutal 19-month crackdown on the pro-democracy Solidarity trade-union movement in which an estimated 90 people were killed and 10,000 detained. Now, in a case long postponed by political squeamishness and red tape, Jaruzelski and six other former top officials face charges of violating Poland's constitution and unlawfully enforcing "the deprivation of freedom through internment." If convicted...

Author: /time Magazine | Title: Postcard from Warsaw | 12/11/2008 | See Source »

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