Belgium the first casualty as euro turns up the heat

December 18, 1998 12:00 AM

EURO-hostilities begin in earnest in less than two weeks, but even before the phoney war ended the first casualties have emerged. Fitch IBCA gave borrowers a glimpse of the battles ahead when it downgraded Belgium's long term rating from AA+ to AA-.Meanwhile Finland encountered fierce resistance when it insisted on name give-up for a Eu525m tap of its euro domestic government bond, and the Netherlands strengthened its arsenal by appointing 13 primary dealers.

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