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16/09/1992 Black Wednesday

4:07

Black Wednesday - 16 September 1992

7:10

The Trade of the Century | When George Soros Broke the British Pound

49:31

Black Wednesday (BBC 1997)

The UK joined European Exchange Rate Mechanism, therefore agreeing to keep the pound value at an agreed limit. George Soros recognized the unfavorable position of the UK at the time it joined ERM. Soros made a profit by short selling sterling to Bank of England, forcing the government to announce the rise in the base interest rate.
    • Essentials 

    • Prelude 

    • The currency traders act 

    • Aftermath