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United Kingdom · Economy & Business · Hard
Which economic crisis forced the government to withdraw sterling from the European Exchange Rate Mechanism on 16 September 1992?
Answer: Black Wednesday — On Black Wednesday, speculators including George Soros forced sterling out of the ERM; the Treasury spent an estimated £3.3 billion trying to defend the currency.
- A Black Wednesday ✓
- B Winter of Discontent
- C Panic of 1866
- D Barings Crisis
On Black Wednesday, speculators including George Soros forced sterling out of the ERM; the Treasury spent an estimated £3.3 billion trying to defend the currency.