Remember the US mortgage crisis? It arose because of subpar loans. A subpar loan was to people who did not have the income to make regular payments. It was done to help racial minorities and cost the Country immense financial pain.
The European crisis has a different genesis. Basically, Swiss banks loaned money at the old (artificial rate) of the Swiss franc. Then the franc increased in value and now the banks demand payment in francs that are worth 30% more in other currencies.
Wednesday, January 28, 2015
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