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...euro zone, such as Portugal, Ireland, Italy and Spain - a collection of countries traders have nicknamed the PIIGS. Government leaders nowhere near Europe are concerned as well. "Such events far away can hurt Singapore," warned Lee Hsien Loong, the city-state's Prime Minister, in his Chinese New Year address. "Singaporeans should be psychologically prepared ... and not let down our guard too soon." (See pictures of the global economic crisis...
...taxes, which bite into consumer spending and corporate investment. Economists Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University found in a recent study that once a country's government-debt-to-GDP ratio passes 90%, growth declines by at least one percentage point a year. For industrialized economies that rarely expand more than 2% or 3% a year, that's a huge chunk. "We're coming at a point in which growth prospects are really taking a hit," Reinhart says. Growth could also be restrained by the budget cuts necessary to narrow deficits and reduce...
...Nowhere is the urgency to deal with debt greater than in Europe, where it has become the most serious test of the 11-year-old euro-based monetary system. While euro-zone nations use the same currency, there is no mechanism in place to financially aid wayward members. That's how a crisis in Greece, which represents a mere 2.8% of the zone's GDP, can have such an outsized impact. The ultimate fear is that Greece will default, dragging down the euro with it. "A lot of the euro's problems today are rooted in those members having failed...
...plans. So far, he's held firm. A recent poll showed that two-thirds of Greeks believe the Prime Minister's measures are necessary; only 41% think they go far enough. "The government has seen the problem and is trying to do something," says Helen Tourkogeorgou, a 32-year-old stay-at-home mother in Athens. "The crisis has opened its eyes...
...unique collaboration between Minnesota Zoo, China's State Forestry Administration (SFA), and a Bangkok-based environmental financier called International Consultancy Europe (ICE), a plan is under way to reintroduce the South China tiger, the rarest of the world's five surviving subspecies, back into its natural habitat. In this Year of the Tiger, the project has secured $3 million to restore a 250,000-acre (100,000 hectare) nature reserve straddling the borders of Hubei and Hunan provinces. (Read "No Valentine? Celebrate the Year of Tiger Instead...