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Why Polish Banks Face a Reckoning Over Franc Loans

Photo by: WashPost

It was too good a deal to pass up. Starting more than a decade ago, Poles got the opportunity to take out mortgages denominated in Swiss francs with interest rates less than half the prevailing level for loans in Polish zloty. More than a million people jumped at the chance. Then in 2015, the Swiss unpegged the franc from the euro and it surged in value, just as the zloty was weakening. Some loans...

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