METALLICA: Master Of Currency Moves
METALLICA has had to adjust its European tour schedule due to Europe’s debt crisis and get a crash course in monetary policy, the band’s manager, Cliff Burnstein, told the Wall Street Journal.
METALLICA‘s “European Summer Vacation” tour — which will include dates in Germany, England and Austria — will take place next summer, as opposed to playing in the continent in 2013 as originally planned to avoid potential difficulties when concert promoters pay the band in euros.
“Over the next few years, the dollar will be stronger and the euro weaker, and if that’s the case, I want to take advantage of that by playing more of these [European] shows now, because they will be more profitable for us,” Burnstein said.
Burnstein decides in which currency concert promoters should pay the band. Depending on the exchange rate, he can even purchase derivative financial instruments for a preferred rate.
“Nobody is looking to make a foreign-exchange trade to make money, but you don’t want to be a loser,” the manager said.
Read more from the Wall Street Journal.