Plight at the end of the tunnel

Article Abstract:

The Eurotunnel linking the UK and France is expected to open as scheduled on 15 Jun 93. The Eurotunnel is an Anglo-French enterprise that is made up a consortium of 10 French and UK construction companies, Transmanche Link, and the Channel Tunnel Group and France Manche. The service tunnel will be completed in Nov 1990, but the technical triumph of the project has been overshadowed by the acrimonious rivalry displayed by the UK and French participants and by financial problems. The backers are attempting to raise additional capital because of higher costs due to delays caused by technical problems and high interest rates, which have forced the price for the completion the project to 8.5 billion pounds sterling, up from from the original 4.8 billion pounds estimated for the project. The project is not attractive to investors due to low margins, the lack of formal government guarantees for the project, and the uncertainty caused by the Iraq-Kuwait conflict.

Finance, France, Channel Tunnel, Transmanche Link, Great Britain, Channel Tunnel Group-France Manche

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Romania: democracy's long dawn

Article Abstract:

Romania has made negligible progress towards democracy and introducing a market economy since the overthrow of Communist dictator Nicolai Ceausescu in Dec 1989. The economic and social policies of Ceausescu impoverished the country, made its citizens xenophobic, and eroded the economy's productive base. The revolutionary period ended when new Pres Ion Iliescu used miners to put down pro-democracy demonstrations in Bucharest in Jun 1990. Romania suffers from over-centralization, a dearth of middle management expertise, ignorance of Western business methods, and a lack of initiative and responsibility among the people. University of Bucharest economics professor Dumitru Popescu estimates that it will take $10 billion over the next two years to replace the antiquated machinery and update the country's obsolete technological base.

Political activity, Economic policy, Romania, College faculty, Political aspects, Beliefs, opinions and attitudes, Iliescu, Ion, Ceausescu, Nicolae, Popescu, Dumitru, Bucharest, University of

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Paradise postponed

Article Abstract:

Eastern Europeans are awakening to the harsh realities that the transition to market economies holds. Although Eastern European were alienated under the previous regimes and lacked basic freedoms and suffered shortages of food and goods, the social and political environment was predictable and secure. The implementation of free markets has led to unemployment and the rise of class differences in societies accustomed to full employment and egalitarianism. Intellectuals have accepted the new order, but workers are torn between the new values and the old stability. Exposure to the West will exacerbate an inferiority complex that is complicated by a residual predilection towards socialism.

Psychological aspects, Eastern Europe, Economic history, Politics, Politics and culture, Culture, Europe, Eastern

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