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One point of clarification: the French Franc could potentially disappear from the face of the earth at anytime between Jan 1 and July 1 2002, and not necessarily close to July 1. The argument for buying it I've given to Dub privately--it's like a way to hedge the Euro--but at worse it will do no worse against the dollar than the Euro will do, to which it is currently pegged. If the ECU falls apart between Jan 1 and July 1 because of specie conversion problems, then the FRF stands to benefit nicely. If it doesn't, however, one will be obliged to redeem their FRF for Euros or Dollars by a certain cutoff date.

To clarify your clarification, the FFr will cease to be legal tender on Feb 17, 2002, and will no longer be exchangable into Euro at banks on July 1, 2002.

It is highly unlikely that there will be specie conversion problems(BTW banknotes are not specie; gold is). For one thing, circulating currency is only a small fraction of a nation's money supply; for another, businesses have already adjusted to the Euro (broker-dealers and banks having dispensed with this issue perhaps a year ago).

IMO, an easy win for RAD.
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