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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: LLCF who wrote (176719)7/1/2002 5:19:21 PM
From: Haim R. Branisteanu  Read Replies (1) of 436258
 
Who is changing it's spots ?? ......... that is a typical EZ story.

The dollar rose by late European trade after earlier losses carried it as low as 99.77 against the euro and 119.25 yen. Telecom woes were the main interest as breaking news that France might renationalize the heavily indebted France Telecom drove the stock higher but the euro lower. The Finance Ministry initially said that if the market mood does not improve it would consider such a move. It later retracted its earlier statement bringing confusion to the market. However, given the large stake the government holds in the national telephone monopoly the rumor was enough to wake traders up to the fact that corporate risks are not confined to the US. The other driving force behind the euro selling was just what would France do with the enormous debt load carried by the telecom giant, especially given ongoing concerns about France's commitment to reducing their debt by 2004 as planned.
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