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Friday, January 13, 2017

Le Pen's currency proposal not "credible", says Luxembourg finance minister

[Gramegna looks on as he takes part in a plenary session during the Asian Financial Forum in Hong Kong]By Michelle Price and Lisa Jucca HONG KONG (Reuters) - A proposal by France's National Front leader Marine Le Pen to ditch the euro and return to a national currency that would be part of a basket of European currencies with a system to manage exchange rate fluctuations is "not very credible", Luxembourg's finance minister said on Friday. Speaking to Reuters during a visit to Hong Kong, Finance Minister Pierre Gramegna said the euro had been strengthened by a series of crises in the European Union, including the Greek sovereign debt crisis. "But I don't think it's a very credible alternative to revert to the currency baskets that we used to have before and that haven't worked," he added, commenting on the proposal by Le Pen to return to a system similar to the pre-euro era.


READ THE ORIGINAL POST AT uk.news.yahoo.com