Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Money markets in London, Paris and Bonn remained closed to-day [November 20] in the wake of the financial turmoil which has rocked Western Europe during the past two weeks. The crisis was sparked off by fears of a devaluation of the French franc and a pricing upward of the value of the West German Deutsche mark. With the money exchanges closed, the speculators switched to gold and sent the price of the metal soaring. Many financial experts in London considered the present emergency even more serious than the March gold crisis because three of the world’s principal trading currencies – the French franc, the British pound and the American dollar – were simultaneously under attack of the speculators. All French financial dealings will be at a standstill to-day through closure of the foreign exchange, gold and stock markets.
Source : https://www.thehindu.com/todays-paper/tp-opinion/financial-crisis-in-west-europe/article25552837.ece
