DRACHMA REVALUATION IN EMS IMMINENT.

As European Report was going to press on January 14, Greece had just asked to convene the Economic and Financial Committee, which brings together representatives of the EU Member States' Ministries of Finance and the European Central Bank (ECB), in order to adjust the parity of the Drachma within the European Monetary System (EMS II), according to well-informed EU sources. The objective of the meeting is clearly to revalue the Greek currency's central rate against the Euro from its current central rate of 353.109 Drachma, while the Drachma is currently trading on the foreign exchange markets at around 331. The final range likely to be chosen should be between 340 and 345 Drachma to one Euro, the sources added. The Economic and Financial Committee members were due to start their meeting in the evening of January 14 and should, in principle, set the new rate on Saturday the 15th when the markets are closed. The...