Friday, October 31, 2008

Happy Halloween

`Panic' Strikes East Europe Borrowers as Banks Cut Franc Loans

Imre Apostagi says the hospital upgrade he's overseeing has stalled because his employer in Budapest can't get a foreign-currency loan. The company borrows in foreign currencies to avoid domestic interest rates as much as double those linked to dollars, euros and Swiss francs. Now banks are curtailing the loans as investors pull money out of eastern Europe's developing markets and local currencies plunge. ``There's no money out there,'' said Apostagi, a project manager

Posted by mark @ 10:42 AM (123 views)
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