June 25, 2013 6:10 PM
Former President Bill Clinton says states need to become more responsible budgeters. Even though most states are required to balance their budgets, in practice they don't do it, and "years of irresponsible budgeting" have led to the current crisis. As Brazilian billionaire Eike Batista's EBX industrial empire crumbles, it increasingly resembles his most visible accomplishment, the Port of Acu. In other words, a pile of sand in the middle of a swamp. To build the $2 billion iron ore and oil terminal, shipyard and industrial park 300 kilometers (190 miles) north of Rio de Janeiro, the world's largest dredging ship cut through the beach and dug 13 kilometers (8 miles) of docks out of dune and marsh. The head of the World Bank said that the global lender stands ready to help developing countries cope with a rise in interest rates as a result of the U.S. Federal Reserve's plan to scale back its stimulus program.