Polish Toledo

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Sunday, January 18, 2015

Swiss Cheesy

The Swiss last week un-pegged their currency from the Euro creating a mortgage payment meltdown across Poland. 

Over a half million Polish families have mortgages denominated in Swiss francs. Most of the Mortgages were originated before the financial crisis in 2008 when the value of the Swiss currency stood at half of current levels. 

Finance Minister Mateusz Szczurek will meet with bankers next week to assess the impact of the franc crisis on the market after the Swiss Central Bank decided to abandon the euro cap on Thursday. 

The opposition party has called on the government to offer a relief plan whereby Poles would be able to pay off their mortgage at levels that were in effect on January 14, 2015.

Paweł Szałamacha, PiS (Law and Justice) MP has called for a relief plan saying, "When an earthquake hits, the government has to act. We propose to allow Poles to pay off their loans at an exchange rate from before the earthquake.”

















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