Word: greek
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...past couple of years haven't been kind to the European Union: it's been battered by the recession, buffeted by the Greek debt crisis and bypassed by a host of dynamic, emerging nations. The E.U. is desperate for a magic potion to revitalize its creaking economy, but it may have to settle for something less dramatic. On Wednesday, the European Commission will unveil a 10-year plan outlining the first tentative steps toward forming a common economic policy. The "Europe 2020" strategy is being touted as a way to boost competitiveness and growth over the next decade. Skeptics, however...
...Greek mythology tells of King Erysicthon, the ‘Earth-tearer’ who offends Demeter by felling a tree sacred to the goddess. As punishment, Demeter orders Famine to inhabit Erysicthon’s stomach. Cursed with a voracious hunger, the king sells all of his possessions—and his daughter—for food. Eventually, wrought with despair, Erysicthon devours himself...
...bills than they can handle. Argentina, Russia, Mexico and others have stiffed their bankers over the past 30 years. In fact, the sovereign-debt crisis goes back as far as the concept of the sovereign state. The first recorded government default took place in the 4th century B.C., when Greek municipalities failed to pay back loans granted by a temple. (Read "The Party's Over for Spendthrift Greeks...
...Perhaps, then, it's only fitting that Greek government debt is the biggest threat to global financial stability today. Warning that Greece was in "critical condition," Prime Minister George Papandreou recently said that his country "faces the risk of sinking under its debt." Jitters over a potential Greek default have punished the value of Europe's common currency, the euro, and driven down stock markets around the world. Policymakers worry that Greece's woes will spread to other weaker members of the euro zone, such as Portugal, Ireland, Italy and Spain - a collection of countries traders have nicknamed the PIIGS...
...crisis on the U.S., the U.K. and Japan would be spread over many years and is therefore less scary than it may appear. "We do not believe that the global crisis is a watershed for the long-term fiscal sustainability" of those countries, the report said. (Read "Greek Tragedy: Athens' Financial Woes...