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To: robnhood who wrote (66065)	2/8/2001 6:15:29 PM
From: awi	Respond to of 436258

Absolutely true. One only needs to look at the debt European telco's took on for their 3G licenses last summer. Some were even downgraded by Moody's because of their debt load.

To: robnhood who wrote (66065)	2/9/2001 8:17:08 AM
From: Earlie	Respond to of 436258

RRman: And a good deal of that corporate debt is denominated in Euros (which I know will be a surprise to some folk, but is true). Now think of the implications if the Euro should rise? Keep in mind that all those borrowed Euros got coverted to U.S. dollars (keeping upward pressure on the buck and downward pressure on the Euro). The principal and the interest have to be paid back in Euros. Yes the interest rate is lower than comparable rates here, (the rate differential) but the very fact that this situation exists is likely to drive the Euro higher. Good luck to an already beleaguered buck. Best, Earlie