Key Greece vote paves way for aid, but euro slips

Wed, 29 Jun 2011 15:03:00 +0000

The Greek parliament passed a key package of spending cuts and tax increases, paving the way for loans that well help avert a default on the nation's debts.

But the euro retreated Wednesday in the immediate aftermath of the vote. The euro had risen nearly 3 cents this week in anticipation of the so-called austerity measures passing.

The euro had "strengthened pretty substantially" in the run-up to the vote, said Brown Brothers Harriman currency strategist Mark McCormick. It was a "buy the rumor, sell the fact" effect -- traders bet on the euro before the vote and were taking profits now that that hurdle had passed, he said.

Analysts predicted the country would have defaulted as early as next month without help. European banks that hold Greek bonds would have been at heavy risk and the ensuing rise in borrowing costs across Europe would have sent economic ripples throughout the continent.

In morning trading in New York Wednesday, the euro traded at $1.4369 from $1.4364 late Tuesday, retreating from a high of $1.4448 before the vote cleared.

And Greece is not yet all clear. Another vote on Thursday will determine how the country implements the cuts and tax increases, which are very unpopular with Greek citizens.

Study: More time spent online

Tue, 29 Dec 2009 17:13:00 +0000

TIME ONLINE: U.S. adults said they are spending more time on the Internet -- nearly 8 percent of their week this year, according to a recent survey.

The Harris Poll reported that Americans 18 and older spent an average of 13 hours a week online, excluding time spent checking e-mail. That's an hour a week less than in October 2008, during the election campaign and burgeoning financial crisis -- but nearly double the time spent online a decade ago. In 1999, Americans said they spent an average of seven hours a week online. That increased to between eight and nine hours through 2006 and then grew to 11 hours a week in 2007.

Harris said the increase in the past two years was "striking," and partly reflected growth in TV watched on the Internet and online shopping. Half the people surveyed said they had shopped over the Internet in the last month.

People from ages 25 to 49 spent the most amount of time on the Internet (17-18 hours a week), whether at home, work or another location. Americans who were 65 and older spent only eight hours a week online, on average.

Nearly a quarter of people aged 25 to 29 said they spent between 24 to 168 hours online per week.

Salon.com > Tali Arbel

Key Greece vote paves way for aid, but euro slips

Study: More time spent online