Word: krona
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Dates: during 1970-1979
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...unemployment and a projected trade deficit this year of $1.7 billion, felt forced to impose a $1 billion tax increase. Sweden, expecting a $3.6 billion balance of payments deficit by year's end and struggling with an annual rate of inflation at about 16%, last week devalued the krona by 10%, and is considering other austerity measures. The country also pulled out of the European monetary "snake," the collection of currencies tied to the West German mark, because Stockholm wanted to devalue the krona much more than snake rules allow. Because their economies are closely tied to Sweden...
...father-in-law in January 1973, insisted that his company had been considering the U.S. plant for many months and had not been influenced by the current world monetary disarray. However, Volvo may well profit from the money tangle. As the value of many currencies (including Sweden's krona) has continued to rise against the dollar−and as foreign labor costs have continued to mount−the once huge gap between U.S. and other countries' wages has narrowed. Other foreign automakers are only a few steps behind Volvo. Last week Volkswagen officials acknowledged that they are studying...