Central and Eastern European Currencies Soar as Dollar Crashes »
Posted By gamahuche 1 year, 2 months ago in Business & FinanceSept. 26 (Bloomberg) -- Record currency advances in Poland, the Czech Republic and Hungary, former communist nations that joined the European Union in 2004, are devastating exporters, crimping tourism, reducing the value of EU aid and bedevilling policy-makers struggling to keep their economies growing amid the global slowdown.
Read Full Story at bloomberg.com »
615 Views Share Story 1 Comment Report
Submitted By:
gamahuche
"I would rather be a square peg than fit in a pigeon hole" -
an essay which won me the "Lamb Essay Prize" at the Religious ...
Who Also Submitted:
RSS Join the Discussion
+ Add CommentComments So Far: 1 (view all)
-
100%
gamahuche1 year, 2 months ago
This comment is below the standard viewing threshold View It »
Of course the US dollar has been tumbling in relation to most currencies but these Central European currencies have been steadily gaining also in relation to the Euro and the British Pound.
Reply
The plus for us is to make foreign travel relatively less expensive.On a recent visit to NYC I felt affluent there for the first time ever - and I lived there for about 7 years in the 80's.True I wasn't paying for a hotel on this trip nor doing much shopping.But breakfast from Dean and DeLuca's and other indulgences seemed, relatively,like bargains; the cost of Czech beer didn't!
Domestic effect is quite different - including the shrinkage of tourism which has already put one hotel out of business in my small, but much visited, UNESCO town. Others are looking shaky and planned new ones are not opening.
Meanwhile inflation surges, taxes are high and many things that were free or nominally priced under Communism are no longer subsidised. Availability of merchandise is abundant - plenty of spending opportunities - so we don't feel rich, even with a good income.
More News
Daily Finance
Can Dubai's energy reserves pay off its $80 billion in debt?
Investors, stay in the game: Loss aversion causes big losses over long term
Dubai bailout may come from rich neighbor Abu Dhabi
Black Friday: Macy's CEO Lundgren "encouraged" by sales traffic
Entering the nuclear age? A utilities CEO wants federal control on energy
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.