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In Poland, cost of servicing loans in Swiss francs jumps
– canadianbusiness.com
WARSAW, Poland – Dozens of people with loans in Swiss francs marched in Warsaw to demand more lenient repayment terms after a rise in the value of the currency made the debt more expensive to service.
On Friday, President Andrzej Duda’s aides presented a plan that would share burden of the repayments between the roughly 500,000 creditors with such loans and the banks. But they stressed it was not yet agreed on with the banks.
The creditors say the banks are at fault for proposing cheap loans in Swiss francs but failing to warn against potential exchange rate rises. They say they cannot afford the monthly payments now and demand state assistance.
Duda has promised to act, but it remains to be seen if his plan is acceptable. It will be sent to lawmakers for fine-tuning.
The creditors and an opposition party have also proposed solutions for the situation.
The post In Poland, cost of servicing loans in Swiss francs jumps appeared first on Canadian Business – Your Source For Business News.
On Friday, President Andrzej Duda’s aides presented a plan that would share burden of the repayments between the roughly 500,000 creditors with such loans and the banks. But they stressed it was not yet agreed on with the banks.
The creditors say the banks are at fault for proposing cheap loans in Swiss francs but failing to warn against potential exchange rate rises. They say they cannot afford the monthly payments now and demand state assistance.
Duda has promised to act, but it remains to be seen if his plan is acceptable. It will be sent to lawmakers for fine-tuning.
The creditors and an opposition party have also proposed solutions for the situation.
The post In Poland, cost of servicing loans in Swiss francs jumps appeared first on Canadian Business – Your Source For Business News.
