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Dealing with a budget deficit: a Greek tragedy | | Feb 5 |
The Greek government has embarked upon a draconian austerity package, aimed at bringing its budget deficit within the limits required by the European Central Bank. In doing so, it will test – possibly to breaking point – the fundamental tenets of Economic and Monetary Union.
Greece joined the euro because the convergency rules were bent to allow it do so. It is now being forced to take the sort of budgetary action that was imposed upon the UK by the IMF in the late 1970s, but with one crucial difference: Greece cannot devalue.
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Poker and the Financial Crisis
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The financial crisis hitting the world has caused many people to be worried about the future. Jobs are scarcer, incomes are lower and investments are, for some, entirely wiped out. Where does all this financial doom and gloom leave the world of poker?
The Financial Crisis and Big Live Events
If last year's World Series of Poker is any indication, poker players have a fair amount of insulation against the economic crash. The 2008 World Series of Poker main event saw 6,844 players satellite in or put up the $10,000 entry fee, resulting in the second largest main event field of all time, and a first place prize of over nine million dollars.
In addition, World Series of Poker spinoffs, such as the World Series of Poker Circuit Tournaments and the World Series of Poker Europe, are seeing plenty of success, with full table after full table for every event. Poker is still going strong in other parts of the world as well, on the European Poker Tour, in Macau poker tournaments and on the Asian Poker Tour.
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