582-million Philippine Par Bond redenominated
In addition, all legal-tender laws should be abolished, and all contracts should be redenominated
in USD at the appropriate conversion rate.
its currency in July 2007: figures from 2004-2007 and 2008-2012 are reported in the old cedis ([?
to guarantee payment of the redenominated
bonds and loans; i.
This was redenominated
in 2007 to make it easier to transact business generally.
The Irish money supply was redenominated
in euro at the fixed conversion rate of 1 euro = IR 0.
30) These fears were realized when savings accounts were frozen in December of that year, and dollar-based accounts were redenominated
into highly devalued pesos.
FSA Chairman Adair Turner said Britain's banks needed to think about problems arising from their assets and liabilities being redenominated
into another currency, even though the likelihood of this happening was still small.
If there is any hint that other countries may follow in the wake of Greece, agents would become unwilling to make contracts that may be redenominated
and we would expect bank runs in the other vulnerable economies.
If there were to be an exit, a redenominated
Greek currency would likely trigger a default in Greece that "would materially weaken" the solvency of Cyprus' banks, Moody's said.
If Greece leaves the monetary union, its banks will have to be forcibly redenominated
into the new national currency (presumably a new drachma)," UBS added.
Such a move by Athens could cause bank customers in other countries to fear that their money could one day be redenominated
in a much weaker currency.