Thursday, November 18, 2010

If only…..

European Central Bank tightens screw on Ireland, Portugal and Spain

The European Central Bank (ECB) has issued a clear warning that it will press ahead with plans to raise interest rates....

Posted by tom101 @ 10:31 PM (3224 views)
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One thought on “If only…..

  • Well I never: More than 98pc of Spanish mortgages are priced off the floating Euribor rate. Any ECB rate rise would be devastating given that there is already a glut of 1.5m homes coming on to the market, according to consultants RR de Acuna. This may well speed up public recognition that Spanish banks have been seriously postponing the recognition of losses linked to property developers and non-performing mortgages by aquiring the underlying assets and refusing to write down their book value. One has to wonder how teflon coated the likes of Santander really are when they are forced to recognise these losses on their books. Spain really has been getting away with it, perhaps they are viewed as too big to fail by the ECB.

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