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• Greece paid no premium above the German rate until late fall
2009.
• The Greek interest rate rose until the bailout package on May 9.
Cost and Management Accounting: An Introduction, 7th edition
Colin Drury
ISBN 978-1-40803-213-9 © 2011 Cengage Learning EMEA
1-10
Foreign Exchange Markets
• The FOREX market provides the physical and
institutional structure through which
– The money of one country is exchanged for that of
another country
– The rate of exchange between currencies is
determined
– Foreign exchange transactions are physically
completed
• The FOREX market is extremely competitive
and highly efficient