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Sweden cuts rates below zero as currency wars spread
By Ambrose Evans-Pritchard
The Telegraph, London
Thursday, February 12, 2015
Sweden has cut interest rates below zero and launched quantitative easing to fight deflation, becoming the latest Scandinavian state to join Europe's escalating currency wars.
The Riksbank caught markets by surprise, reducing the benchmark lending rate to minus 0.10 percent and unveiled its first asset purchases, vowing to take further action at any time to stop the country falling into a deflationary trap. The bank presented the move as precautionary step due to rising risks of a "poorer outcome abroad" and the crisis in Greece.
Janet Henry from HSBC said the measures are clearly a "beggar-thy neighbor" manoeuvre to weaken the krone, the latest such action in a global currency war that does little to tackle the deeper problem of deficient world demand.
The move comes as neighboring Denmark takes ever more drastic steps to stop a flood of money overwhelming its exchange rate peg to the euro and tightening the deflationary noose. ...
... For the remainder of the report:
http://www.telegraph.co.uk/finance/economics/11408950/Sweden-cuts-rates-...
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