How George Soros Broke the Bank of England!
Patrick Boyle On Finance
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The Bank of England's Expansion of the British Pound
The Bank of England had around 19 billion pounds in foreign currency reserves. It was now spending 2 billion pounds an hour to defend the exchange rate. By the end of the day Britain had bought 27 billion pounds and increased its interest rate a second time to 15 percent. Businesses exposed to the British pound would have wanted out once they understood the risk they were exposed to.
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