07 OCT 2010
By Christian Wienberg and Niklas Magnusson | Bloomberg
Chief executive officers at three of Denmark’s biggest financial companies said the Nordic country may stay outside the euro for at least the next five years as the debt crisis puts voters off the single currency bloc.
“It’s relatively natural that there’s some reluctance toward the euro at a time when we’ve seen turmoil with countries in the euro area having very, very high debt levels,” said Peter Straarup, CEO of Danske Bank A/S, Denmark’s biggest lender, during a Sept. 30 interview in Copenhagen.
The euro dropped 21 percent against the dollar from last November’s peak to the lows in June as investors bet record deficits run up by so-called peripheral nations such as Greece might fracture the region’s monetary union. European Union leaders are struggling to design better controls to prevent a repeat after the euro went through the most severe test since its 1999 creation.
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