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Areva contract with China to be paid in euros rather than dollars - report

PARIS (Thomson Financial) - The 7-bln-eur contract that French nuclear engineering firm Areva expects to sign this weekend in China will be paid in euros, not dollars as is usually the case with foreign contracts in China, Le Figaro reported.

Are you shopping today too, ie switching your increasingly less valuable dollars for variously useful stuff?

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Fri Nov 23rd, 2007 at 12:47:47 PM EST

Today its "Buy Nothing Day" in the USA.

Tomorrow International BND.    

 


The struggle of man against tyranny is the struggle of memory against forgetting.(Kundera)
by Elco B (elcob at scarlet dot be) on Fri Nov 23rd, 2007 at 01:22:06 PM EST
[ Parent ]
I wasn't sure of the date. Thank you.

Our knowledge has surpassed our wisdom. -Charu Saxena.
by metavision on Fri Nov 23rd, 2007 at 01:49:16 PM EST
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Kind of an intriguing reversal of Gresham's Law.  We're starting to see Good Money drive out Bad.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Fri Nov 23rd, 2007 at 01:24:00 PM EST
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Isn't information the difference here? People can see that certain money isn't good, hence it can be driven out, whilst in Gresham's day bad money looked like good money...
by Metatone (metatone [a|t] gmail (dot) com) on Fri Nov 23rd, 2007 at 01:43:36 PM EST
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Gresham observed people would spend the Bad Money, so it would continue to circulate, and horde the Good Money.  This presupposes they had the information necessary to distinquish.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Fri Nov 23rd, 2007 at 02:42:25 PM EST
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That's exactly Gresham's law. When people consider a currency to embody lasting value, they tend to hold on to it. Currency considered of doubtful value (including counterfeit), will be passed on like a hot potato.

This was particularly applicable in the days of gold and silver coin, where the weight of precious metal mattered. In colonial America, shillings were little appreciated because they were often clipped to reduce the weight of silver. The "good" money people tried to get paid in and to hoard was the Spanish silver piece of eight, or dollar. Hence...

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Nov 23rd, 2007 at 03:26:48 PM EST
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courtesy of the torygraph.

I'm not buying shit and there is no black Friday even if it is to me for personal reasons.

Our knowledge has surpassed our wisdom. -Charu Saxena.

by metavision on Fri Nov 23rd, 2007 at 01:51:55 PM EST
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Hope tomorrow will be brighter...
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Nov 23rd, 2007 at 03:28:51 PM EST
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In a uniquely reasonable choice, I traded my dollars in for Euros a couple years ago. But my "disability pension"  is still paid in dollars. Bleegh.

I'm thinking of starting a foundation, and donating it, to pay for cracked corn to feed the pigeons at the St Pete Public library. Now, if I can just get three more contributors, we're set for the month.

Capitalism searches out the darkest corners of human potential, and mainlines them.

by geezer in Paris (risico at wanadoo(flypoop)fr) on Fri Nov 23rd, 2007 at 02:30:05 PM EST
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It's not nice to gloat at others' misfortunes.

"When the abyss stares at me, it wets its pants." Brian Hopkins
by EricC on Fri Nov 23rd, 2007 at 04:15:06 PM EST
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