90 seconds at 9 am:The Fed speaks (news with Bernard Hickey)
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An economics professor could select a loan in Hungary’s currency, the forint, at 13 percent interest, or one in Swiss francs at less than 6 percent. He picked the cheaper franc loan.
Three years later, those who took mortgages in francs are faced with at a debt pile that has swelled to 4.9 trillion forint ($22 billion). The currency’s 40 percent slump against the franc has raised repayment costs, pushing mortgage arrears to a two-decade high The loans are called “debt slavery.”
ReadSpeak 2 months ago