Bank Treasuries Enjoy The Ride As ERM Roller-Coaster Continues

BANKS

Dyed-in-the-wool conspiracy theorists might reasonably make something of it. But whatever the cause, the current convulsions of the Exchange Rate Mechanism have proved to be both profitable and something of a relief to Europe's forex trading rooms. Most dealers in London contacted say the devaluation of the Spanish peseta and the Portuguese escudo, plus what many expect will be the devaluation of the Irish punt, means that the frightening prospect of European Monetary Union has definitely re

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