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Currency Crisis

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NEWS
September 18, 1992
Europe's rolling currency crisis should serve as a reminder that all governments ultimately are prisoners of economic fundamentals, market forces and nationalist impulses. Eurocrats plotting political and financial union by the end of the century may get away with ignoring that reality, but elected politicians do so at their peril.Consider the plight of British Prime Minister John Major, who vowed never, never to devalue the pound sterling against the mighty German deutsche mark -- and suffered the humiliation this week of having to do so. With some success he had convinced his compatriots that their future did, indeed, lie inside of Europe, not outside.
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BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | June 21, 1998
Next to the General Motors Corp. plant on Broening Highway, where 2,700 workers were sent home after the plant ran out of parts, Titan Steel Corp. and its 60 workers are waging their own economic battle.Unlike the GM plant, paralyzed by sparring between labor and management in Flint, Mich., Titan Steel is wrestling with a more distant foe: the Asian currency crisis.The company, which buys tin-plated steel, customizes it and resells it, ordinarily ships 40 percent of its products to Asia."That's down to 20 percent and falling even further," said Peter Reid, the company's president.
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BUSINESS
By New York Times News Service | September 25, 1992
LONDON -- The turmoil in the European currency markets abated somewhat yesterday as a joint effort between France and Germany stabilized the value of the franc.Analysts said that the volume of buying and selling in the foreign exchange markets slowed substantially, and that the odds were improving that Europe's tattered monetary system would hold together.But they said the franc and several other weak currencies remained vulnerable to the waves of speculative pressure that forced the devaluation last week of the British, Italian and Spanish currencies and led Britain and Italy to leave the European system of stable exchange rates.
NEWS
June 1, 1998
RUSSIAN President Boris N. Yeltsin has temporarily stopped the ruble's free fall, but even a generous bailout from the West won't be sufficient to maintain the Russian currency for long. Unless the government begins to balance its budget and starts collecting taxes, no amount of external shoring up will prevent the ruble's devaluation.The Russian government has been financing its operations by selling bonds. Creditors have grown wary that the government does not have the resources to pay the interest or the principal on the bonds.
BUSINESS
By Gilbert A. Lewthwaite and Gilbert A. Lewthwaite,Washington Bureau | September 25, 1992
WASHINGTON -- The world's finance ministers and central bankers ended their annual get-together yesterday still divided on policy priorities, defeated by the European currency crisis and taught a lesson on economic growth by the developing nations.Overwhelmed by recent events, the meeting of the International Monetary Fund and World Bank was unable to devote anything more than lip service to the urgent need to promote global economic growth and stabilize currency markets.So unexpected was the virtual collapse of the European exchange rate mechanism that the issues briefing book, prepared for IMF Managing Director Michel Camdessus before the meeting opened last week, did not contain a single reference to currency markets.
NEWS
July 29, 1993
Summers have been a politically hazardous time in Moscow ever since the Soviet system began collapsing.Whenever Mikhail S. Gorbachev went on vacation, a perceptible power vacuum soon developed. There were rumors of dissension in the leadership, speculation about opposition plots. When a coup attempt finally was staged against him, it came during his summer vacation.Much has changed in Moscow in the past two years. But it looked like old times again last weekend when Russia's Central Bank suddenly declared all pre-1993 ruble notes invalid, plunging the country into panic.
BUSINESS
By Jerry Morgan and Jerry Morgan,NEWSDAY | November 2, 1997
The euphoria created by the summer reunion of Hong Kong and China is over. Now if investors can only get rid of the hangover.The Asian bubble has burst, and a lot of mutual fund dollars are dissolving with it. Currency speculation caused by overextended investments in Thailand, Malaysia and Indonesia led to devaluation of their currencies starting this summer and tumbled over into those local stock markets. Unresolved problems are still rumbling through the region, as seen by last week's sharp drop in the Hong Kong stock market.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | June 21, 1998
Next to the General Motors Corp. plant on Broening Highway, where 2,700 workers were sent home after the plant ran out of parts, Titan Steel Corp. and its 60 workers are waging their own economic battle.Unlike the GM plant, paralyzed by sparring between labor and management in Flint, Mich., Titan Steel is wrestling with a more distant foe: the Asian currency crisis.The company, which buys tin-plated steel, customizes it and resells it, ordinarily ships 40 percent of its products to Asia."That's down to 20 percent and falling even further," said Peter Reid, the company's president.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | December 29, 1994
The sharp decline in the peso over the past week has left its mark on companies in Maryland and across the nation who invest or do business in Mexico.In the past three years, Mexico has become one of the fastest-growing export markets for Maryland businesses, with such companies as dredge manufacturer Ellicott Machine Corp. International and architectural firm RTKL Associates Inc. ringing up sales and joint venture agreements across the border.In the first nine months of this year, Maryland exports to Mexico rose more than 28 percent, to $71.4 million, according to the Maryland Department of Economic and Employment Development.
NEWS
By BRENDAN MURPHY | February 5, 1995
New York -- A lot more than the fortunes of a few Wall Street high-rollers was at stake in the festering Mexican currency crisis -- it threatened to destroy investor confidence in Mexico and to destabilize the U.S. financial system.What began six weeks ago with the collapse of the Mexican peso and the massive exodus of foreign investment capital from Mexico City and other emerging financial centers reached a turning point this week as President Clinton authorized direct U.S. Treasury action in the face of bipartisan objections to a $40 billion loan-guarantee package.
BUSINESS
By Jerry Morgan and Jerry Morgan,NEWSDAY | November 2, 1997
The euphoria created by the summer reunion of Hong Kong and China is over. Now if investors can only get rid of the hangover.The Asian bubble has burst, and a lot of mutual fund dollars are dissolving with it. Currency speculation caused by overextended investments in Thailand, Malaysia and Indonesia led to devaluation of their currencies starting this summer and tumbled over into those local stock markets. Unresolved problems are still rumbling through the region, as seen by last week's sharp drop in the Hong Kong stock market.
NEWS
By BRENDAN MURPHY | February 5, 1995
New York -- A lot more than the fortunes of a few Wall Street high-rollers was at stake in the festering Mexican currency crisis -- it threatened to destroy investor confidence in Mexico and to destabilize the U.S. financial system.What began six weeks ago with the collapse of the Mexican peso and the massive exodus of foreign investment capital from Mexico City and other emerging financial centers reached a turning point this week as President Clinton authorized direct U.S. Treasury action in the face of bipartisan objections to a $40 billion loan-guarantee package.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | December 29, 1994
The sharp decline in the peso over the past week has left its mark on companies in Maryland and across the nation who invest or do business in Mexico.In the past three years, Mexico has become one of the fastest-growing export markets for Maryland businesses, with such companies as dredge manufacturer Ellicott Machine Corp. International and architectural firm RTKL Associates Inc. ringing up sales and joint venture agreements across the border.In the first nine months of this year, Maryland exports to Mexico rose more than 28 percent, to $71.4 million, according to the Maryland Department of Economic and Employment Development.
NEWS
July 29, 1993
Summers have been a politically hazardous time in Moscow ever since the Soviet system began collapsing.Whenever Mikhail S. Gorbachev went on vacation, a perceptible power vacuum soon developed. There were rumors of dissension in the leadership, speculation about opposition plots. When a coup attempt finally was staged against him, it came during his summer vacation.Much has changed in Moscow in the past two years. But it looked like old times again last weekend when Russia's Central Bank suddenly declared all pre-1993 ruble notes invalid, plunging the country into panic.
BUSINESS
By Gilbert A. Lewthwaite and Gilbert A. Lewthwaite,Washington Bureau | September 25, 1992
WASHINGTON -- The world's finance ministers and central bankers ended their annual get-together yesterday still divided on policy priorities, defeated by the European currency crisis and taught a lesson on economic growth by the developing nations.Overwhelmed by recent events, the meeting of the International Monetary Fund and World Bank was unable to devote anything more than lip service to the urgent need to promote global economic growth and stabilize currency markets.So unexpected was the virtual collapse of the European exchange rate mechanism that the issues briefing book, prepared for IMF Managing Director Michel Camdessus before the meeting opened last week, did not contain a single reference to currency markets.
BUSINESS
By New York Times News Service | September 25, 1992
LONDON -- The turmoil in the European currency markets abated somewhat yesterday as a joint effort between France and Germany stabilized the value of the franc.Analysts said that the volume of buying and selling in the foreign exchange markets slowed substantially, and that the odds were improving that Europe's tattered monetary system would hold together.But they said the franc and several other weak currencies remained vulnerable to the waves of speculative pressure that forced the devaluation last week of the British, Italian and Spanish currencies and led Britain and Italy to leave the European system of stable exchange rates.
NEWS
June 1, 1998
RUSSIAN President Boris N. Yeltsin has temporarily stopped the ruble's free fall, but even a generous bailout from the West won't be sufficient to maintain the Russian currency for long. Unless the government begins to balance its budget and starts collecting taxes, no amount of external shoring up will prevent the ruble's devaluation.The Russian government has been financing its operations by selling bonds. Creditors have grown wary that the government does not have the resources to pay the interest or the principal on the bonds.
BUSINESS
By New York Times News Service | November 24, 1992
LONDON -- Europe's monetary system looked more shaky than ever yesterday as governments and central banks battled to head off another full-fledged currency crisis.Spain, Ireland and Norway all raised interest rates yesterday to bolster their currencies, and Denmark said it would raise rates if necessary. There was even some pressure on currencies generally considered strong. The Bank of France, for example, felt compelled to intervene in the markets to support the franc.The European Community sought to ease the strains in the system Sunday by devaluing the Spanish peseta and the Portuguese escudo.
NEWS
September 18, 1992
Europe's rolling currency crisis should serve as a reminder that all governments ultimately are prisoners of economic fundamentals, market forces and nationalist impulses. Eurocrats plotting political and financial union by the end of the century may get away with ignoring that reality, but elected politicians do so at their peril.Consider the plight of British Prime Minister John Major, who vowed never, never to devalue the pound sterling against the mighty German deutsche mark -- and suffered the humiliation this week of having to do so. With some success he had convinced his compatriots that their future did, indeed, lie inside of Europe, not outside.
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