European Economic & Monetary Union: Speculatorswait in Wings to Put Currency to Test
Given what happened to the rouble, is the euro also going to fall prey to speculators?
European politicians have been remarkably bullish in recent months about the single currency's chances of withstanding any onslaught from speculators.
Outgoing German finance minister Theo Waigel said currency speculators would get nothing more than a bloody nose if they tried to unpick the euro conversion rates that were set earlier this year.
"Everyone who speculates against it will get a bloody nose.
"Every speculator will experience just one thing - enormous losses," he said, in a forceful rebuff to suggestions that the run-up to monetary union would be plagued by speculators.
His remarks are hardly surprising when one considers how much is riding on the …
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Publication information: Article title: European Economic & Monetary Union: Speculatorswait in Wings to Put Currency to Test. Contributors: Not available. Newspaper title: The Birmingham Post (England). Publication date: October 20, 1998. Page number: 7. © 2009 Birmingham Post & Mail Ltd. COPYRIGHT 1998 Gale Group.
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