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The $120 Billion Case Against Betting Denmark’s FX Peg Will Fail
The man running Denmark’s biggest pension fund is convinced nothing can break the country’s euro peg. Carsten Stendevad, the 43-year-old chief executive officer of ATP, says even the risk of a British exit from the European Union can’t change that view. So anyone betting against the peg isn’t just taking on Denmark’s central bank, but challenging the position of a $120 billion fund with assets equal to over a third of the country’s gross domestic product. Stendevad is speaking out as the threat of a so-called Brexit drives investors into the safest assets and puts pressure on Denmark’s currency regime. ... (full story)
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