The money quote ...
'... Municipalities across Europe - lured into what are essentially teaser-rate loans denominated in Swiss francs - are about to face their resets. Not just a few bps, the soaring franc means rates currently around 4% will jump well into the double digits, perhaps to more than 50%. The usual steps: lawsuits, transfer of toxic debt to a "bad bank," special taxes ... are under consideration to deal with the issue...'
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