Posted on 07/18/2011 11:02:01 PM PDT by bruinbirdman
“Zloty on a speculation swing,” headlines Dziennik Gazeta Prawna, warning that due to the weakening Polish currency, as well as a strong Swiss franc creeping toward parity with the euro, “a million Poles face hard times” and a “nervous week”. Even though Poland has traversed the global economic crisis unscathed, it is unable to resist the negative consequences of the eurozone and US economic meltdown, the Warsaw daily complains. According to Dziennik, dithering on the part of EU leaders to reach an agreement on saving Greece, along with US solvency issues, have been the main reasons behind the zloty’s plunging fortunes. Dziennik further blames the government’s reluctance to implement budget cuts and overhaul the health and pension systems. A recent report by Citigroup warning that the Polish zloty, the Hungarian forint, as well as South Africa’s rand and Brazil’s real are the currencies most vulnerable to credit crisis add further fuel to the fire. As a result, experts fear the zloty could become a target of a “speculative attack” and may not regain its value until the Greek crisis is solved.
Gosh, in the late 90’s I can remember visiting the exchange kiosks in Poland and the rate changed from hour to hour to get the best rate. American $$$$ were still accepted....and there was a crackdown on Polish money from exiting the border.
In fact, IIRC, the Zloty was 1 British Pound = 5 Zloty at the time.
I remember when the zloty was considered the “animal tranquilizer” of the currency world.
Any hint that Soros might be trying to short these currencies? Thinking he may be trying to force Poland and Hungary to the Euro.
Went to Poland in ‘94 I believe. At the time it was 22,000 Zloty to the dollar. I still have a 10,000 Zloty note at home.
Oh the noes America needs to put on more debt and pay more interest to save the world narrative.
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