When a Dog Defeats a Lion
Wednesday, August 11, 2010
Currency redenominations have taken place since the 19th century. Many countries were successful, others failed.
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ROMANIA, early July, five years ago. The national economy entered a new chapter. The small Eastern European country launched a new currency and the leu was rebadged as the RON—as Rp is for the Indonesian rupiah. The new leu marked an end to the use of the old leu currency—coded with ROL—which had six digits. “The poor leu now looks more like a bedraggled dog,” said President Traian Basescu as he took a handful of new banknotes from an a
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