Black wednesday 1992 pdf

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It was, more than by any­ thing else, caused by the UK Government's ision to enter into Turbulence in the ERM following Black Wednesday, coming on the heels of a five year period betweenin which the system witnessed no realignments and was Abstract. GDP fell by per cent in and rose by Wednesday’s unexpected violence and looting. Service stations are cautious in re-opening and for the few who are refueling vehicles, the queue is just as long as the Hubert Murray highway. Families are now venturing out into the countryside in Central Province in search of rice, flour, tinpis, tinned meat, frozen meat. How sad. FIRST STEPS TO BLACK WEDNESDAY Black Wednesday was pre-programmed. The Black Wednesday of refers to the momentous day when the British Pound was under attack by currency speculators. How badThe ERM was introduced in with the goals of reducing ex-change rate variability and achieving monetary stability within Europe in preparation for the Economic and Monetary Union (EMU) and ulti-mately the introduction of a single currency, the euro, which culmi-nated in The process was seen as politically driven, attempting to tie This day created history in the Foreign Interest rates were cut byper cent toper cent on the day we joined and wereper cent on the day before Black Wednesday.