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Nations near bankruptcy, but IMF too poor to help
Comments
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PolishBigSpender wrote: »Just a view from Poland.
Things aren't too bad here. The weak Zloty is bad news for us going abroad, but we haven't hit the psychological 5zl/Euro mark where Tusk has said that he would intervene. We've got foreign currency reserves, and have recently done some sort of strange deal involving selling EU funds - either way, things aren't desperately bad.
The CHF/EUR mortgage situation is the big one, though. People are definitely hurting here because of the rise in mortgage costs, but it's not quite at the point where mass defaults on the scale of the US will be seen. However, if the Zloty keeps being attacked and falls below 5zl/EUR - then trouble will start.
Ironically, one of the big problems in Poland concerns overseas investors who cannot afford to service their CHF/EUR mortgage. Brits are especially guilty of this, particularly as many of them bought at a ridiculously inflated price to begin with.
My wife (who is polish) has friends who bought 'flats' with swedish franc currency... and that has risen 'alot'...
So her friends have depreciating assets (worth less than mortgage etc) and their monthly payments are going up. Not looking good for her (she works two jobs already!).
Other friend owns a garage and they arent too bad yet... I think poland isnt as bad off as lithuania etc. Am visiting poland in July so the increased amount of zloties (was 4.25 last year now 5.25 ish) is good for me
. Flights paid, accomodation sorted (staying at her mums) and getting more for my pound... brilliant :P. 0 -
My wife (who is polish) has friends who bought 'flats' with swedish franc currency... and that has risen 'alot'...
So her friends have depreciating assets (worth less than mortgage etc) and their monthly payments are going up. Not looking good for her (she works two jobs already!).
Yup, these are the people who are going to be facing serious problems. They're proposing that the government spends its foreign currency reserves to convert all CHF/EUR mortgages into PLN, but the government has so far refused to do such a thing.
Hungary is considerably worse off than we are at the moment, but things could still change.From Poland...with love.
They are (they're) sitting on the floor.
Their books are lying on the floor.
The books are sitting just there on the floor.0
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