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	<title>RealTime Economic Issues Watch</title>
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	<description>In RealTime posts, PIIE senior staff and colleagues discuss the fast-moving economic news, financial developments, and public policy choices confronting the United States and the world.</description>
	<lastBuildDate>Fri, 24 May 2013 20:45:45 +0000</lastBuildDate>
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		<title>The IMF Revisits Sovereign Debt Restructuring, Not the SDRM</title>
		<link>http://www.piie.com/blogs/realtime/?p=3593</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3593#comments</comments>
		<pubDate>Fri, 24 May 2013 20:45:45 +0000</pubDate>
		<dc:creator>Anna Gelpern</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[IMF]]></category>

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		<description><![CDATA[A long-awaited overview paper [pdf] on sovereign debt restructuring from the International Monetary Fund (IMF) is here, the first since 2005. And it does not revive the Sovereign Debt Restructuring Mechanism (SDRM) proposal, which died in 2003 at the hands of the United States and the big emerging markets. As the new paper explains politely, [...]]]></description>
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		<title>Self-Defeating Austerity and the Improved US Fiscal Outlook</title>
		<link>http://www.piie.com/blogs/realtime/?p=3590</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3590#comments</comments>
		<pubDate>Fri, 24 May 2013 15:23:43 +0000</pubDate>
		<dc:creator>Joseph E. Gagnon</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[fiscal policy]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3590</guid>
		<description><![CDATA[Last week, Tyler Cowen of the blog Marginal Revolution asked &#8220;Have we seen self-defeating austerity in the United States?&#8221; Cowen declines to take a clear stand on the question, but his main point is that the well-known fiscal cuts of 2012 and 2013 have, in fact, reduced the US budget deficit. Ergo, goes the implication, [...]]]></description>
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		<title>Will the Pacific Alliance Succeed in Latin America After Other Trade Pacts Have Failed?</title>
		<link>http://www.piie.com/blogs/realtime/?p=3586</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3586#comments</comments>
		<pubDate>Thu, 23 May 2013 19:57:22 +0000</pubDate>
		<dc:creator>Barbara Kotschwar</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[Latin America]]></category>
		<category><![CDATA[trade]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3586</guid>
		<description><![CDATA[Pacific Alliance fever has set in. This trade grouping&#8212;which joins together the economies of Chile, Colombia, Mexico, and Peru&#8212;is holding its seventh summit on Thursday in the western Colombian city of Cali with more and more attention being paid throughout the region. The alliance has been lauded as &#8220;the most exciting thing going on today [...]]]></description>
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		<title>The ECB Should Act to Avert the Risk of Deflation in the Euro Area</title>
		<link>http://www.piie.com/blogs/realtime/?p=3582</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3582#comments</comments>
		<pubDate>Thu, 23 May 2013 14:31:24 +0000</pubDate>
		<dc:creator>Angel Ubide</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[central banks]]></category>
		<category><![CDATA[euro area]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[fiscal policy]]></category>
		<category><![CDATA[inflation]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3582</guid>
		<description><![CDATA[For years, observers of the European Central Bank (ECB) have been hearing the same line from its former President, Jean Claude Trichet: &#8220;We have one needle in our compass, and that is price stability.&#8221; This precept should contribute to understanding the central bank&#8217;s policy stance: When price stability is assured, there is no need to [...]]]></description>
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		<title>The Political Prospects for Europe&#8217;s Pro-EU Parties</title>
		<link>http://www.piie.com/blogs/realtime/?p=3579</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3579#comments</comments>
		<pubDate>Wed, 22 May 2013 16:12:06 +0000</pubDate>
		<dc:creator>Jacob Funk Kirkegaard</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[euro area]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[political economy]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3579</guid>
		<description><![CDATA[Despite the repeated warnings of commentators too numerous to mention, Europeans have declined to elect ultra-nationalist, anti-establishment majorities in their parliaments and hasten a repeat of 1930s era fascism or communism. This does not mean that the continent is without political problems as the next European elections approach, however. For reasons I will explain below, [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Quit Biting on Apple: Congress&#8217;s Misplaced Outrage over Corporate Taxes</title>
		<link>http://www.piie.com/blogs/realtime/?p=3576</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3576#comments</comments>
		<pubDate>Tue, 21 May 2013 17:51:39 +0000</pubDate>
		<dc:creator>Gary Clyde Hufbauer</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[tax policy]]></category>
		<category><![CDATA[taxes]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[US Treasury]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3576</guid>
		<description><![CDATA[Senators are chomping down hard on Apple&#8217;s tax returns, trying to paint the company as Peck&#8217;s Bad Boy of corporate taxation. The lawmakers&#8217; appetite has been whetted by a congressional investigation showing that the company avoided billions in taxes by setting up a complex web of global subsidiaries, some of them with no employees but [...]]]></description>
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		<title>Effects of the Euro Crisis on Reserve Currency Holdings</title>
		<link>http://www.piie.com/blogs/realtime/?p=3571</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3571#comments</comments>
		<pubDate>Mon, 13 May 2013 16:28:02 +0000</pubDate>
		<dc:creator>Allie E. Bagnall</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[currencies]]></category>
		<category><![CDATA[euro area]]></category>
		<category><![CDATA[Europe]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3571</guid>
		<description><![CDATA[The International Monetary Fund (IMF) released the latest update of its data on the Currency Composition of Official Foreign Exchange Reserves (COFER) at the end of March, with data through the end of 2012. From the end of 2010 through the end of 2012, the quantity share (adjusted for the effects of changes in exchange [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Is France a &#8216;Peripheral&#8217; Country?</title>
		<link>http://www.piie.com/blogs/realtime/?p=3569</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3569#comments</comments>
		<pubDate>Wed, 08 May 2013 23:08:25 +0000</pubDate>
		<dc:creator>Jacob Funk Kirkegaard</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[euro area]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[France]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3569</guid>
		<description><![CDATA[A few weeks ago Reuters reported that the French finance Minister, Pierre Moscovici, fell asleep during the final late night negotiations over the Cypriot bank bailout on March 24. It apparently fell to the International Monetary Fund (IMF) managing director, Christine Lagarde&#8212;a former French finance minister herself&#8212;to wake him up. No doubt the grueling round-the-clock [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Southern Europe&#8217;s Problem: Poor Education</title>
		<link>http://www.piie.com/blogs/realtime/?p=3563</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3563#comments</comments>
		<pubDate>Fri, 03 May 2013 15:27:07 +0000</pubDate>
		<dc:creator>Anders Aslund</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[euro area]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[Italy]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3563</guid>
		<description><![CDATA[A little noticed fact about the economic turmoil in southern Europe is that Portugal and Italy, two of the countries struggling the most, had minimal growth even during the seven good pre-crisis years of 2001&#8211;07.1 The most overlooked common problem of the four Southern European countries&#8212;Portugal, Spain, Italy, and Greece&#8212;is that they are all hampered [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Obama&#8217;s Trip to Mexico: Building on NAFTA to Broaden Trade with Asia</title>
		<link>http://www.piie.com/blogs/realtime/?p=3560</link>
		<comments>http://www.piie.com/blogs/realtime/?p=3560#comments</comments>
		<pubDate>Wed, 01 May 2013 20:17:32 +0000</pubDate>
		<dc:creator>Barbara Kotschwar</dc:creator>
				<category><![CDATA[Global Financial Crisis]]></category>
		<category><![CDATA[NAFTA]]></category>
		<category><![CDATA[trade]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.piie.com/blogs/realtime/?p=3560</guid>
		<description><![CDATA[President Obama&#8217;s fourth visit to Mexico since taking office in 2009 will also be his first under its new president, Enrique Pe&#241;a Nieto, who took office in December. While some of the discussion is certain to focus on the joint US-Mexican campaign against drug trafficking, that issue, as vital as it is, should not overlook [...]]]></description>
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