Word: krona
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Dates: during 1990-1999
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...quickly followed Britain out of the European Monetary System. Meanwhile, the Spanish peseta was devalued by 5%, and Sweden (not a member of the European Community, but exposed to its economic winds) raised its overnight interbank lending rate to a towering 500% in a desperate bid to support the % krona. As the Germans resisted pressure for a further cut in interest rates, the French, Danish and Irish currencies all found themselves struggling at the bottom of their permitted exchange rates, and the European monetary system experienced its worst week ever...