Thread: Europe's Crisis: Much Bigger Than Subprime, Worse Than U.S.
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Old 03-01-2009, 10:24 AM  
nolongerexists
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Quote:
Originally Posted by cykoe6 View Post
This is false. Two years ago in Latvia anyone with a job on the books could quite easily get a loan with monthly payments up to 2/3 of their salary. Someone making 600 LVL per month ($1200) could buy a $40,000 car. Now there are so many cars loans under water in Latvia that the finance companies are not even repossessing them since there are no buyers at any price. All those loans are non performing and are held by European banks (mostly Swedish). That does not even hold a candle to the amount of real estate loans that are under water.
Law difference I think. That's why you cant put Latvia and Poland in the same bag when it comes to crisis. Seems each country is affected in different way.

There was EU meeting today. Read cliff notes to get idea of what I'm talking about. :-)
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Last edited by nolongerexists; 03-01-2009 at 10:29 AM..
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