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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: patron_anejo_por_favor who wrote (323085)	6/9/2006 3:38:57 PM
From: John Pitera	Read Replies (1) of 436258

Thailand sure did back in 1997 when the Thai Bhat devaluation started a domino effect that caused a very severe/ depression for the PacRim countries. Thailand's not the source of problems this go round..... It’s My contention that the Icelandic Currency and Soverign Debt Market was the Canary in the Coal Mine of 2006, It was and is the Thai Baht equivalent of 1997. When we were looking at the very highest yield deposit one could get back in Feb from say Everbank.com it was by holding the Icelandic currency term deposit. Then The currency fell off the table. ----------- Iceland crown tumbles after S&P downgrade Tuesday, June 06, 2006 3:19:57 AM (GMT-06:00) Provided by: Reuters News LONDON, June 6 (Reuters) - The Icelandic crown tumbled two percent against the euro and the dollar on Tuesday after ratings agency Standard & Poor's downgaded its outlook for Iceland to negative from stable and the country's prime minister said he would step down. The crown fell sharply after local currency markets opened at 0915 GMT. By 0923 it had fallen as low as 94.11 per euro <EURISK=> and 72.93 per dollar <ISK=>, down more than two percent on the day. "It's because S&P changed its outlook to negative and at the same time the PM has withdrawn," said Ronni Christensen, spot trader at Jyske Markets in Denmark. "We've had a month of pretty stable trading and some money came back in but I don't think we'll see the 5-10 percent falls we saw back then," he added. The crown has fallen over 20 percent versus the euro this year on fears of a hard landing. ((Reporting by katie Hunt and Toni Vorobyova; Tel: +44207 542 7958, Reuters Messaging:

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