Articles

Your banking crises today

In Uncategorized on October 5, 2011 by grahamharrowell

Dexia Bank pops up in the UK news. It’s been rescued by the French and Belgian governments. But didn’t they already own it? So what’s prompted this? Could it be that the first of the small communities in France who borrowed money from the bank has announced that it’s going to law? Lots of parish councils here borrowed at very attractive rates from the bank, rates based on the exchange rate of the good old Swiss Franc. Suddenly that’s changed and the repayments have gone through the roof. According to the local mayors, Dexia forgot to tell them that the value of your investment can go down as well as up.

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