After Greece, Spain, Ireland, Italy next is Poland

[DT-waw]

The rest of Europe has euro denominated debts.
In Poland, many people took mortgages 2 years ago in CHF at 2.0-2.4 exchange rate to PLN.
Now the CHFPLN rate is 3.90 almost 2x higher.
No tourist income, no more donations from european union.

Dagong Global Credit Rating downgraded Poland's rating together with USA rating.

without external capital inflow the nations financials are dead.
Plus the babyboomers born after 2nd world war, 1946-1950, are just beginning to retire... and crash the pensions system totally, in fact it is already kaput.

 

[will848]

Euro banks are wary about lending to each other, causing another credit freeze.

US Social Security will collapse within a few years.

 

[Debaser82]

NY times once had a chart claiming Poland had the most unfunded liabilities of all countries....

This was 4 years ago still.

Maybe their economy can be supported by people coming back home.

 

[Stok]

What are the Poland CDS's doing?

 

[peilthetraveler]

Good thing Poland starts with the letter P. So we can still call them the PPIIGS

 

[zdreg]

Quote from DT-waw:

The rest of Europe has euro denominated debts.
In Poland, many people took mortgages 2 years ago in CHF at 2.0-2.4 exchange rate to PLN.
Now the CHFPLN rate is 3.90 almost 2x higher.
No tourist income, no more donations from european union.

Dagong Global Credit Rating downgraded Poland's rating together with USA rating.

without external capital inflow the nations financials are dead.
Plus the babyboomers born after 2nd world war, 1946-1950, are just beginning to retire... and crash the pensions system totally, in fact it is already kaput.

"In Poland, many people took mortgages 2 years ago in CHF at 2.0-2.4 exchange rate to PLN.
Now the CHFPLN rate is 3.90 almost 2x higher."
you are unto something. this caused an IMF bailout of Hungary a few years ago,

 

[morganist]

I think you will really benefit from reading my book. It explains where it will happen next and why. Mainly Eastern block countries. There is a table at the back that gives you figures.

Read mny book. It's free.

Download here.

Over one hundred people have downloaded it.

http://morganisteconomics.blogspot.com/p/publications.html

 

[DT-waw]

CHFPLN todays low 3.75

today's high... 4.07

shocking

 

[bcn_trader]

If Euro and Europe economy is so bad, my question is:

Why exchange rate €/$ is still strong for €?

I dream about a € meltdown

 

[Martinghoul]

Quote from bcn_trader:
If Euro and Europe economy is so bad, my question is:

Why exchange rate €/$ is still strong for €?

I dream about a € meltdown

Because we don't know what the new € is going to be.