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Tuesday, June 21, 2011

GOSH: LCBO to buy and sell alcohol only in Euros

TRAWNA – (GOSH Wine News Services) – The Foxy Wine News Network today has learned that the Liberal Control of Beverages for Ontario, A Clown, er, Clone, er, Crown Corporation of a Have-Not Province led (for the moment) by The Grate McGinty is poised for a major reconsideration and reconstruction of its currency policy.


The LCBO stated: "In addition to currency fluctuations, many factors go into pricing alcohol: freight costs, projected demand and what the competition is doing are some of the other considerations".


If prices on American or European products don't drop, it's not necessarily the LCBO who's benefiting, the spokesperson added. Roughly 90 per cent of the products on the LCBO General List are from suppliers who price their products in Canadian dollars when they are issuing quotes to the LCBO, she said. That means any benefit from a rising Canadian dollar would go towards wineries, breweries and distilleries, if the shelf price doesn't budge.


"It's really up to the supplier in most cases if they want to pass on the savings," she said. "We certainly pass them along when we can. We're not hanging on to the extra money."


In the high-end Vintages and Classics ranges, more suppliers tend to price their products in their local currency. Everything from bourbon to bottles of Burgundy and Bordeaux could be coming down in price.


In order to ensure that this happens to all alcohol (including the General List), the LCBO will now be buying and selling wine only in Euros, the preferred currency of the Western World. This will roll out individual controls such as protection for the wines of Portugal and Greece -- both countries are in serious financial quagmires and need bailing out -- as does Irish beer and spirits.


The United States, facing default on its loans, may do better in the alcohol business if it converts US dollars to Euros when selling to the LCBO.


For its part, the LCBO will re-jig their local cash registers and offer the consumer a bill in Euros, which can then be charged or debited through a Euro account or a dollar account (with the bank mark-up fees).


Said the LCBO: "Then it would be out of our hands, and up to the banks to decide what to charge their clients. We're only interested in selling alcohol."


Cash sales would have to be in Euros, and ATMs will be put into every store. The cash register receipt will clearly show all applicable taxes and freight charges, mark-ups, customs fees, and the like – in Euros. This will make a level playing field, on which the LCBO both buys and sells alcohol in Euros.


As with all alcohol matters, Ontario and BC wineries are exempt from selling and buying in Euros.


More on this remarkable story as it progresses…

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