Technical Analysis Free Video Ebook Sign Up



Premier Trading Videos Sign Up



International Stock Trading Sign Up

SMF Services

SMF Blogs > Stock Market Crash > December 2008

NY Times reports the deepest financial crisis since the Great Depression has prompted countries that had snubbed the euro to take a fresh look at the virtues of the common European currency. After turmoil in the currency markets nearly destroyed the Icelandic krona and undermined the Polish zloty, those two countries are rethinking their opposition to the euro. More surprisingly, Denmark — a nearly picture-perfect model of economic management — looks more likely to embrace the euro, after rejecting it twice in the past. Denmark was forced to use high interest rates to defend its currency, the krone, against speculative attack. The effects of those higher rates are now rippling through the Danish economy, contributing to a change in attitudes. "Denmark is so extremely sound by all macroeconomic standards," said Thomas Mirow, president of the European Bank for Reconstruction and Development. Its changing stance on the euro "says a lot about stand-alone options in difficult times."

Posted: 12/1/2008 7:46:28 PM by StockMarketFunding | with 0 comments