Black Wednesday


Also found in: Wikipedia.

Black Wednesday

September 16, 1992. The day that investor George Soros short sold more than $10 billion worth of British pounds, which forced the Bank of England to withdraw from the European Exchange Rate Mechanism and to devalue the pound. He is a noted critic of unfettered free enterprise and believes that reflexivity can change the fundamentals of an economy.
Mentioned in ?
References in periodicals archive ?
The incident, unprecedented in Kuwait's history, was labelled "Black Wednesday" and caused uproar in the country.
'Black Wednesday' starts on Wednesday 20th February and every Wednesday after its commencement.
Prior to the invention of Black Friday, terms like Black Monday and Black Wednesday were synonymous with devastating events like stock market crashes and air traffic issues.
Skeleton Key Brewery will be serving up special Thanksgiving-inspired flights on Black Wednesday, Nov.
Regarding Eric Thorpe's letter (July 26) on Black Wednesday in 1992, it was David Cameron who advised Chancellor Norman Lamont to waste PS16billion propping up the pound and to leave the European Exchange Rate Mechanism.
JUSTIFIED INVESTMENT TO HIS admirers he is a democratic activist and philanthropist, to his enemies a manipulator who uses his fortune to meddle in the political affairs of countries, but there is no doubting that billionaire George Soros, who made his name and much of his fortune betting against the pound in the run up to Black Wednesday, is a shrewd investor.
The warning comes after a "Black Wednesday" for the high street, following the collapses of Toys R Us and Maplin, which have put more than 5,000 jobs at risk.
The warning comes after a "Black Wednesday" for the high street, when TOYSRUs and Maplin crashed into administration, jeopardising over 5,000 jobs.
Mr Soros made his fortune with a PS720million bet against the pound on Black Wednesday in 1992.
'Ranidel and Cliff won't be starting the conference with us because of injuries, hopefully Reynel Hugnatan will be back in time for the start of the conference,' said Black Wednesday at Meralco Gym.
But the Black Wednesday fallout will live with us for years.
1992 - The pound is forced out of the European Exchange Rate Mechanism in what is called Black Wednesday. 1994 - The British government lifts the broadcasting ban imposed against members of Sinn Fein and Irish paramilitary groups in 1988.