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It's almost a certainty that the ECB will lift rates a quarter point to 3.5% today.

Interest rates in the Eurozone were pegged at 2% from mid 2003 to late 2005, which most of us know continued to fuel an already over-heated Irish economy.

(Inflation was about 6%, so real interest rates were -4%, complete madness. It just made sense to borrow and spend.)

But after the last year's rises many homeowners will see interest repayments up 75%, that's got to hurt.

Those house prices that are already falling at £3k a month have a long way to go.

http://www.timesonline.co.uk/article/0,,2091-2460194,00.html

I'm just glad the madness is coming to an end, their cancer was spreading to other parts of the world.

Edited by BandWagon
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It's almost a certainty that the ECB will lift rates a quarter point to 3.5% today.

Interest rates in the Eurozone were pegged at 2% from mid 2003 to late 2005, which most of us know continued to fuel an already over-heated Irish economy.

(Inflation was about 6%, so real interest rates were -4%, complete madness. It just made sense to borrow and spend.)

But after the last year's rises many homeowners will see interest repayments up 75%, that's got to hurt.

Those house prices that are already falling at £3k a month have a long way to go.

http://www.timesonline.co.uk/article/0,,2091-2460194,00.html

I'm just glad the madness is coming to an end, their cancer was spreading to other parts of the world.

But its different this time. :unsure:

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