Word: deutschmark
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Sudden Smashup. Before the central bankers hammered out final details of the scheme in Basel, the signs of a monetary storm were all too evident. Buffeted by the Czech crisis and persistent clamor for an upward revaluation of the strong West German deutschmark (a move that was drawing money out of London), the pound had sunk to within a whisker of its post-devaluation low of $2.38¼ in foreign exchange centers. Harold Lever, financial secretary to the British Treasury and a key figure in selling the scheme abroad, noted: "If the agreement had not been achieved, there would have...
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