Currencies: Playing a Rebound in the PoundBen Levisohn
"The pound is sinking," sang Paul McCartney in 1982. Unfortunately, the ex-Beatle's ditty would sound perfectly current on a 2009 playlist. The near-nationalization of the Royal Bank of Scotland on Jan. 19—in which the British government boosted its stake in the ailing banking giant to 70%—sparked fears for the health of the British banking system and forced the British pound down 6.6% for the week ended Jan. 23. As of Jan. 27, the venerable currency was worth $1.42 and €1.08, well off its peak of $2.11 and €1.53 in 2007.
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