Word: zoned
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...Greek government bonds is a clear indication that many investors don't believe Athens will find a way to deal with its massive debt - at least not without an equally huge European bailout. But beyond the market speculation lies a longer-term question that is tormenting the 16 euro-zone nations: Could the Greek crisis be the beginning of the end for the common currency, just eight years after its first notes and coins were issued? Might the doubts and pressures that are driving the euro's value downward lead to the eventual implosion of Europe's most concrete achievement...
...France, Germany and a few small nations keeping it alive," says Bob Hancké, an expert on European political economics at the London School of Economics. "The problem is that monetary union was never followed up by political union to coordinate budget and taxation practices and create euro-zone institutions and capacities to help member economies adapt to changes and turmoil. The result is member governments are left very few ways to deal with the current attack on Greek debt and the severe pressure that it's putting on the euro...
...says Karen Schumann, 27, a Berlin media consultant. The complaint has a familiar ring to it. Greece has a staggering budget deficit of 12.7% of GDP and a $410 billion public debt, which free-spending Greek officials long kept secret from the rest of the euro zone. Now that Greece is on the verge of defaulting, its monetary partners will have to hand over huge loans to help keep the country solvent - all in order to prevent the euro from going into a free fall and becoming mere Monopoly money...
...pledge failed to uplift the global financial markets, which continued dumping Greek government bonds and pushing the euro down even further. Hopeful to reverse that, euro zone finance ministers held a follow-up meeting on Monday that was intended to show their collective determination to back Athens up. But the ministers seemed instead to belittle the cost-cutting measures that Greece had proposed by putting forth their own plan for the country to cut spending, raise taxes and finance its debt within 30 days...
...alone. According to polls conducted in Germany last week, 53% of people want Greece tossed out of the euro zone if it can't resolve its deficit dilemma without outside funding - a financial helping hand that a full 71% of Germans don't want their government to extend. Though no similar surveys have been conducted in France, leaders there say the public sentiment is much the same. "There are cultural differences for why the French wait for something to happen before reacting when the Germans respond as they see it developing, but opposition to a bailout - if that happens...