DUBLIN : Parliament to Punt
The Irish Parliament meets this week under a new government facing a squall of opposition criticism over its handling of Ireland’s severe currency crisis.
Prime Minister Albert Reynolds will weather an all-day debate on his decision to devalue the Irish punt, after a run on the currency resulted in a 10% reduction in its worth.
But both government and opposition leaders are expected to excoriate the German central bank for propping up the Danish krone and lowering interest rates while allowing the punt to free fall, with as yet unforeseen damage to the Irish economy.
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