WASHINGTON — The elections that drove Nicolas Sarkozy out of power in France and left Greece scrambling to build a coalition government pose a financial threat to the United States that could undermine President Barack Obama’s efforts to cast himself as the agent of a U.S. economic revival.
Late last week and over the weekend, a flurry of developments related to the near and longer term economic outlook took place, most of which could be a cause for concern.
PARIS — The day after Francois Hollande rode to power in France on a slogan of “change now,” the conversation in Europe was already different Monday: Austerity had become a dirty word.
PARIS — France handed the presidency Sunday to leftist Francois Hollande, a champion of government stimulus programs who says the state should protect the downtrodden — a victory that could deal a death blow to the drive for austerity that has been the hallmark of Europe in recent years.
NEW YORK — The Nasdaq composite index shot 2 percent higher Wednesday, powered by a surge in Apple. The iPhone maker’s stock climbed $50 after the company once again blew past Wall Street’s profit forecasts.
Europe is economically big — very big. The 17 nation euro-zone is approximately equal to the size of the U.S. economy (depending upon how valuations are calculated in terms of currency conversions), and the more comprehensive 27 nation European Union (EU) is even bigger still. Given the tremendous economic interdependencies among countries of the world, when an economy as large as either of the above entities begins to experience significant economic problems, it is just a matter of time until those difficulties will be transmitted to the rest of the world.
FRANKFURT, Germany — Europe’s plan to fix its debt crisis by imposing budget cuts frayed Monday. Heavy selling rocked financial markets, uncertainty gripped two governments, and the economic outlook darkened across the continent.
BALTIMORE — Two public school teachers and a school administrator who call themselves “The Three Amigos” are sharing part of last month’s record Mega Millions jackpot, planning for trips to Europe, new homes and their children’s college funds, Maryland Lottery officials said Tuesday.