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"Repurchase" agreements between regional central banks commit them to come to each other's aid when their currencies are under speculative attack.
Olli Rehn, the European commissioner for monetary policy, described the arrangement as "a consolidation pact" that would be "particularly crucial for countries under speculative attacks in recent weeks".
Nor were those who watched financial markets all that surprised when that day brought a sharp devaluation in Thailand's currency, the baht, which had been under speculative attack for some months.
On one side, Europe's situation is really, really scary: with countries that account for a third of the euro area's economy now under speculative attack, the single currency's very existence is being threatened — and a euro collapse could inflict vast damage on the world.
With a floating krona, low inflation, low interest rates, booming exports and falling unemployment, fears that the currency might come under speculative attack without the protection afforded by euro membership seem less potent.In this section Serbia on the brink A not-so-popular Nordic bridge It's time to agree to differ What next?
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He noted investors continue to anticipate an eventual re-valuation, but "the pressure is not like it was last fall" when the fixed exchange rate came under heavy speculative attack in November.
And in the latest sign of distress, this week the ruble came under a speculative attack that led the Russian Central Bank to impose limits on currency exchange operations using borrowed money.
Like several other companies whose welfare-to-work contracts had been in question, Maximus had already begun setting up programs under a speculative arrangement in which it expected to be paid in full when the contracts were approved.
After an ill-conceived attempt to defend the exchange rate earlier in the year, on December 20, Mexico capitulated under a speculative attack and devalued its currency in the midst of its deepest recession since the 1982 Mexican debt crisis.
"Rent here was comparatively affordable and easy to arrange, actually much more so than Brooklyn, which was (and is) under such speculative development that acquiring a space at a rate we could sustain was highly unlikely.
Another caveat: because all these models are predictions about the future, they are necessarily speculative under the best of circumstances and notoriously susceptible to deliberate manipulation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com