Under Milosevic, when people managed to save anything from their meager wages and pensions paid in dinars, they usually converted it into German marks so they didn't have to watch the value plummet by the day.
Hours after Milosevic's regime collapsed, Kostunica's coalition took control of the national bank's payments section, and the value of the Yugoslav dinar suddenly went up 28% against the mark. The stronger dinar took a huge bite out of the mark-based savings--and thus the purchasing power--of many people just as prices were shooting up.
don't worry, the dinar will fall again soon.
Jim Devine jdevine@xxxxxxx & http://bellarmine.lmu.edu/~jdevine
- Modern Times at the Bank, Ken Hanly Fri 13 Oct 2000, 15:20 GMT
- Europe's last Red tide recedes, Louis Proyect Fri 13 Oct 2000, 13:50 GMT
- New "revolutionary" Yugo managers seek to make plants more profitable, Louis Proyect Fri 13 Oct 2000, 14:06 GMT
- "Dear Monthly Review", Louis Proyect Fri 13 Oct 2000, 14:37 GMT
- Re: New "revolutionary" Yugo managers seek to make plants more profitable, Jim Devine Fri 13 Oct 2000, 15:35 GMT
- Re: Europe's last Red tide recedes, Jim Devine Fri 13 Oct 2000, 15:23 GMT
- French Press Agency: coup leader was hard-line anticommunist, Louis Proyect Fri 13 Oct 2000, 13:42 GMT
- Filipovic and the dictatorship of the proletariat, Chris Burford Fri 13 Oct 2000, 06:37 GMT
- Re: Filipovic and the dictatorship of the proletariat, Louis Proyect Fri 13 Oct 2000, 13:16 GMT