Word: financeseated
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Shortly after Papandreou took office in October, his socialist government revealed that Greece's finances were in far worse shape than the previous government had let on. The 2009 deficit was nearly 13% of GDP, more than four times the euro zone's 3% limit. The European Commission blasted Greece...
In the wake of the 9/11 attacks, the West moved quickly to crack down on the money laundering and secret banking systems that fund much of the terrorism in the world. But as evidence in both the U.S. and Europe suggests, illicit finances continue to circulate around the globe - and...
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...
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...
Nonetheless, it was unthinkable that the E.U. would sit 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...