Black Wednesday: Difference between revisions
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'''Black Wednesday''' refers to the 16 September 1992 when the British Conservative government was forced to withdraw the [[pound sterling]] from the [[European Exchange Rate Mechanism]] (ERM) after they were unable to keep sterling above its agreed lower limit. [[George Soros]], the most high profile of the currency market investors, made over US$1 billion profit by short selling sterling.{{Fact|Seems to be general knowledge with little controversy; adapted from Wikipedia}} | '''Black Wednesday''' refers to the 16 September 1992 when the [[United Kingdom|British]] Conservative government was forced to withdraw the [[pound sterling]] from the [[European Exchange Rate Mechanism]] (ERM) after they were unable to keep sterling above its agreed lower limit. [[George Soros]], the most high profile of the currency market investors, made over US$1 billion profit by short selling sterling.{{Fact|Seems to be general knowledge with little controversy; adapted from Wikipedia}} | ||
==Links== | ==Links== | ||
Latest revision as of 22:42, 27 June 2011
Black Wednesday refers to the 16 September 1992 when the British Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after they were unable to keep sterling above its agreed lower limit. George Soros, the most high profile of the currency market investors, made over US$1 billion profit by short selling sterling.[citation needed]