Word: zoning
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Since the start of the year, the 16 European nations that make up the euro zone have watched their currency plunge to an eight-month low as a result of sovereign-debt panic. Greece, which is perhaps the weakest link in the European Union, was first to hit the wall on news that its deficit has ballooned to nearly 13% of GDP. Then last week, worry about debt default spread from Greece to Spain, Portugal and Ireland, where spending is similarly out of control. (See the best business deals...
Speaking to the E.U. leaders attending the summit - including Angela Merkel of Germany, Nicolas Sarkozy of France and Gordon Brown of Britain - Van Rompuy said the 16 countries in the euro zone had a "shared responsibility" for economic stability and would take "coordinated and determined" action to safeguard financial stability. But Van Rompuy was also stern about what was expected from Greece: it must reduce its budget deficit (which now exceeds 12.7% of GDP) in an "effective and determined manner." Athens now faces stringent oversight as it attempts to balance its finances: after years of receiving dodgy statistics from...
Greece's task is massive. Its deficit is the biggest in the euro zone and four times larger than the 3% maximum permitted for members of the single currency. Frugal Germany, the E.U.'s traditional paymaster, was understandably reluctant to commit to underwrite any rescue pledge before securing a cast-iron commitment from Athens that it would put its finances in order. Earlier in the day, Otmar Issing, the German former chief economist of the European Central Bank, said the Greeks enjoyed "one of the most luxurious pensions systems in the world" and that it was unreasonable to expect German...
...idly by and watch Greek finances crumble a mere 11 years after the euro's birth. European leaders are keenly aware that the crisis is not restricted to Greece. If the nation were allowed to default on its debts, the bug could spread to other highly indebted euro-zone economies, like those of Spain and Portugal. At that point, economists have said, the euro itself could be endangered. But the E.U. sent a message on Thursday that it was not about to let that happen. Now it's banking on the hope that its public show of solidarity will restore...
...second period,” said Northeastern interim co-head coach and former Harvard player Lauren McAuliffe ’04. “It seemed like we didn’t really show up that period...The momentum never shifted. They just sealed us in the zone a few times and I think that took our confidence away to a certain extent...