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BUSINESS
May 5, 1998 | From Washington Post
Investors worldwide ignored the shaky start to Europe's new single currency and poured their money into European markets Monday. It was a surprising conclusion to a tumultuous weekend meeting in which the leaders of Europe chose 11 countries to participate in the new money, called the euro, but also waffled over selecting the head of the new European Central Bank. Because France and Germany were backing rival candidates, the 15 nations of the European Union essentially split the difference.
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BUSINESS
November 10, 2011 | By Tom Petruno and Walter Hamilton, Los Angeles Times
After weeks of deepening drama over Europe's debt crisis, global financial markets now fear that the unthinkable may be inevitable: a partial breakup of the continent's 12-year-old currency union. Stocks plummeted worldwide Wednesday as the 2-year-old debt debacle took a frightening turn, threatening to engulf Italy and deal a heavy blow to investors' faith in the Eurozone's future. The virtual bankruptcy of Greece, the trigger for the severe bout of market volatility that began in early August, has become a sideshow to Italy's nightmare: Just as they'd done with Greece, investors are bailing out of Italian government debt, worried that they won't be repaid in full.
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NEWS
August 9, 1994 | TYLER MARSHALL, TIMES STAFF WRITER
A year after it was pronounced all but dead, the European Monetary System has defied projections and embarked on a tentative but definite revival. The revival has rekindled hope among advocates of closer European integration that a single currency could become a reality throughout the European Union--if not by the end of the century, then in the early 2000s. The prospect was set out in the 1991 Maastricht Treaty, and its importance is rarely disputed.
BUSINESS
April 28, 2000 | JOHN-THOR DAHLBURG, TIMES STAFF WRITER
With Europe's common currency, the euro, in the macroeconomic version of free fall, central bankers Thursday ordered the third interest rate hike this year. The euro's response: It kept dropping, hitting a record low close of 91 cents against the U.S. dollar. Since its creation in January 1999, the currency shared by 11 European Union countries has lost more than 21% of its value relative to the greenback.
NEWS
January 22, 1993 | JOEL HAVEMANN, TIMES STAFF WRITER
Europe's chaotic currency markets, which threatened late last year to disrupt the entire global economy, seem to have subsided into a state of uneasy calm, at least for now. The latest and strongest signal came Thursday, when the currency markets kept their cool even though the Bundesbank, Germany's central bank, passed up a chance to reduce German interest rates. Germany's sky-high rates are widely blamed for bolstering the German mark against other European currencies.
BUSINESS
April 7, 1986 | Associated Press
France won agreement from seven West European nations Sunday to reduce the value of the franc by as much as 6% in relation to the others' currencies, officials said. The deal, struck on the second day of negotiations in this eastern Dutch village, is expected to give French industry a competitive boost in European trade. The devaluation agreement has no direct effect on the currencies' value in relation to the U.S.
BUSINESS
August 5, 1990 | PAUL KRUGMAN, PAUL R. KRUGMAN is professor of economics at Massachusetts Institute of Technology.
The idea of European unity--the transmutation of the European Community from a free trade area to a full-fledged economic union and eventually to a federal political system--has become virtually unstoppable, even in Britain. Prime Minister Margaret Thatcher wanted to stop the process with trade; she has been an ardent opponent of British entry into the so-called exchange rate mechanism of the European Monetary System, which stabilizes exchange rates within Europe.
BUSINESS
September 19, 1992 | JAMES RISEN, TIMES STAFF WRITER
In the midst of an international economic crisis, officials from the major industrial nations will meet in Washington today in an effort to pressure Germany to lower its interest rates and help calm a chaotic European financial system.
BUSINESS
April 5, 1986 | Associated Press
Finance ministers of eight West European nations, responding to a French government request, open negotiations today on a readjustment of currency values. The talks were sparked by France's desire to devalue the franc in relation to the West German mark and some other West European currencies, officials said.
NEWS
September 18, 1992 | WILLIAM TUOHY, TIMES STAFF WRITER
The scene in Chase Manhattan Bank's London dealing room was frenetic yet controlled Thursday: Young men and women, jackets slung over the backs of chairs, stared into a bank of computer screens, one, sometimes two, telephones clasped to their ears. Clocks on the wall ticked away the time in New York, Bahrain, Sydney, Hong Kong and Tokyo. The sometimes-shouted language was incomprehensible code: "Seventeen, 20 on 4. . . ." "I'll buy 100 at 2.65. . . . " "Ninety, 95, you got it. . . ."
BUSINESS
March 9, 2000 | JOHN-THOR DAHLBURG, TIMES STAFF WRITER
The European economy's horror story--call it "The Incredible Shrinking Euro"--goes on, with no end in sight. After a week in which the common currency of 11 member countries of the European Union suffered its sharpest one-day drop ever against the U.S. dollar, the euro this week has been taking a drubbing at the hands of a newly invigorated Japanese yen. The yen finally took a break Wednesday after gaining nine straight days against the hapless euro. The euro edged up to 102.
TRAVEL
January 31, 1999 | CHRISTOPHER REYNOLDS, TIMES TRAVEL WRITER
So at last the euro is here. American Express has printed special Travelers Cheques. The euro logo, a sort of sideways trident, peeks from the windows of forward-looking retailers. Already, sellers of black-market cigarettes and fire-department damage estimators are reporting their numbers in local currency and euros. But if international money-handling were an Olympic event in 1999, 2000 or 2001, the euro would be a demonstration sport.
BUSINESS
May 5, 1998 | From Washington Post
Investors worldwide ignored the shaky start to Europe's new single currency and poured their money into European markets Monday. It was a surprising conclusion to a tumultuous weekend meeting in which the leaders of Europe chose 11 countries to participate in the new money, called the euro, but also waffled over selecting the head of the new European Central Bank. Because France and Germany were backing rival candidates, the 15 nations of the European Union essentially split the difference.
BUSINESS
August 10, 1997 | MARY WILLIAMS WALSH, TIMES STAFF WRITER
Wandering through the vast and opulent displays of sausage, smoked fish, cream cakes and exotic fruits of Berlin's largest food court one day recently, Carl and Angie Ehlers of San Jose were having little trouble fighting off the visual and olfactory temptations. Carl Ehlers, a retired software specialist for General Electric, indicated that the recent powerful run-up of the dollar against the German mark was not enough to make him go for his wallet.
TRAVEL
April 30, 1995 | CHRISTOPHER REYNOLDS, TIMES TRAVEL WRITER; Reynolds travels anonymously at the newspaper's expense, accepting no special discounts or subsidized trips. To reach him, write Travel Insider, Los Angeles Times, Times Mirror Square, Los Angeles 90053.
Wait! Before you get on that plane to Europe and the Continent begins to gobble your shrinking dollars like a hungry boar, consider a few preventive measures. Here are half a dozen, pulled together with the help of Frederique Raeymaekers, chairman of the European Travel Commission, and Ed Perkins, editor of the Consumer Reports Travel Letter.
NEWS
August 9, 1994 | TYLER MARSHALL, TIMES STAFF WRITER
A year after it was pronounced all but dead, the European Monetary System has defied projections and embarked on a tentative but definite revival. The revival has rekindled hope among advocates of closer European integration that a single currency could become a reality throughout the European Union--if not by the end of the century, then in the early 2000s. The prospect was set out in the 1991 Maastricht Treaty, and its importance is rarely disputed.
NEWS
September 17, 1992 | JOEL HAVEMANN, TIMES STAFF WRITER
Chaos engulfed Europe's currency markets today, swamping the struggles of Britain and Italy to protect their currencies' value and forcing a devaluation of the Spanish peseta. Finance officials of 11 nations, in an emergency session that began shortly before midnight and lasted until 5 a.m. today, apparently failed to resolve the runaway crisis. Their communique was silent on high German interest rates, which are widely held responsible for Europe's currency crisis.
TRAVEL
April 17, 1994 | CHRISTOPHER REYNOLDS, TIMES TRAVEL WRITER
Most Americans heading to Europe this year--and the European Travel Commission predicts that there will be a record 8 million of us--will arrive with this question hanging somewhere in their heads: How far will our money go? The answer is far indeed, if your destination is Italy, Spain or Portugal, and if you're comparing this year's prices with those of last year and the year before that. If you're bound for Greece or Turkey, the dollar's strong exchange numbers will cheer you up.
TRAVEL
April 17, 1994 | CHRISTOPHER REYNOLDS, TIMES TRAVEL WRITER
Most Americans heading to Europe this year--and the European Travel Commission predicts that there will be a record 8 million of us--will arrive with this question hanging somewhere in their heads: How far will our money go? The answer is far indeed, if your destination is Italy, Spain or Portugal, and if you're comparing this year's prices with those of last year and the year before that. If you're bound for Greece or Turkey, the dollar's strong exchange numbers will cheer you up.
TRAVEL
August 15, 1993 | CHRISTOPHER REYNOLDS, TIMES TRAVEL WRITER
It's hard to say how many travelers plan their vacations according to the rise and fall of the dollar. But right now, it's easy to tell those travelers where to go. Europe. Since last fall, the dollar has been gaining buying power against European currencies. And on Aug. 2, leaders of the European Monetary System loosened limits on trading rates, a move likely to lower interest rates in several countries. That, analysts say, is likely to give the dollar even more muscle in the months ahead.
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