But after Finland let the markka float on Sept. 8, effectively devaluing it, and the European currency markets began roiling, Millburn closed out its positions.

They also advocate reversing the Government's move to effectively devalue the ruble and impose a debt moratorium, decisions that precipitated the economic crisis.

Alex Keay, of Moseley, said: 'Effectively devaluing the penalty encourages more cheating.

Brazil's plan to effectively devalue its currency initially deflated the confidence of stock investors in the United States and abroad.

In doing so the government also effectively devalued the lira by approximately 4 per cent against its central EMS rate.

The move effectively devalued the pound, setting off its long, steep slide against the much stronger mark, and made Mr. Major an easy target for political rivals.

Today, Britain was forced to cut loose the pound from the fixed values of other European currencies, allowing it to "float" and effectively devaluing it.

Given the picture of a Russia tumbling out of control, its currency effectively devalued, who in Russia is doing all the buying?

But since Russia effectively devalued last week, spreads have widened to 1,150 basis points, the equivalent of an additional seven percentage points, the analyst said.

An unquestioningly open policy in such circumstances may effectively devalue "first world" human capital investments in favor of financial capital investments.