Word: austrian
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...center of Sofia brims with Old Country attractions--the changing of the presidential guard, streets made from yellow bricks gifted by Austrian Emperor Franz Joseph I--but the city of 1.2 million is compact enough for visitors to venture to locales off the beaten track, like the communist monument turned skate park in Borisova Gradina and the Ladies' Market, where average-income Sofians do their shopping. The marketplace of storefronts and open-air kiosks sells everything from clementines to wallpaper to negligees to banitsa, a flaky pastry stuffed with the feta-like "white cheese" used in many Bulgarian dishes...
...terrorism on June 28 that began the crisis. At first it seemed like just another assassination in just another Muslim country (Bosnia-Herzegovina, occupied by Austria-Hungary only a few years before). And although the terrorists scored a big hit (Archduke Franz Ferdinand, heir to the Austrian throne), the financial markets took it in their stride. Stocks barely moved...
...until the Austrian ultimatum to Serbia on the evening of July 23 that investors began to feel nervous. Its terms were truly formidable, particularly the demand that Austrian officials be allowed into the country to investigate alleged Serbian sponsorship of the terrorists. The government in Belgrade immediately dismissed the ultimatum as "impossible." Germany took the Austrian side; the Russians lined up with the Serbs. By Aug. 4, a little Balkan difficulty had become a full-scale European...
...financial crisis happened even faster. Within days of the Austrian ultimatum, the delicate web of international credit was torn to shreds. German trading companies ceased to remit the money they owed to brokers in London. European investors rushed to withdraw their money from New York. As nervous banks called in loans, panic selling swept the world's financial markets. But the further asset prices fell, the worse the crisis became. Securities that had been the collateral for immense pyramids of debt were suddenly unsellable. The central banks had to admit they lacked the means to stem the outflow. The only...
Travelling from his base, Wilson snowboarded in the Austrian Alps, hang-glided over Swiss lakes, and ran with the bulls in Pamplona, according to an article he wrote last fall for the newsletter of his MIT-headquartered ROTC detachment. But he emphasized in the article that he enjoyed his time on duty as much—if not more—than his off-duty adventures...