Gina Burgio, Mortgage Agent

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Iceland Raises Interest Rates to a record 18 percent

Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.

Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks.

Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more.

Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on in Iceland!

 

 

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

 

 

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Gina Burgio

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

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Each VERICO Broker is an independent owner operator.

Comment balloon 6 commentsGina Burgio • October 29 2008 12:51AM

Comments

Gina- It gives me shivers just thinking about the word, Iceland:) More now, with those interest rates. We had that here before you were born probably during the Jimmy Carter Presidency. Katerina

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) about 10 years ago

I've been watching the events of Iceland quite closely... they are like a case study for the rest of the world. The steps they are taking are being measured for effectiveness- especially among other nations that are on the precipice of financial disaster.

Posted by Chuck Willman UtahHomes.me, Utah Homes (Utah Homes) about 10 years ago

Thank you Gina - that is outrageous! When you consider the cost of living and other specific aspects of living and owning real estate in Iceland, it's hard to believe that anyone can make it 'work' at all!

Great stuff - and Thanks also for pointing this out in contrast to our own situation here in the US - we are a LONG way from 'bad'l here.

Tim Mancuso

Posted by Tim Mancuso, Elite Sales Coach - GROW SMART (Independent Coach, Trainer & Consultant) about 10 years ago

I heard that at one point we had 18% in th e U.S. That was a long time ago, and we just got more creative when finding people for the homes. I'm not worried-Dinah

Posted by Dinah Lee Griffey, Managing Broker Windermere Peninsula Properties (Windermere Peninsula Properties) about 10 years ago

Could it be that their homes are really inexpensive, Gina, and they're seeking some level of equanimity for their economy ? I've heard that they also have an extraordinary program of social medicine and low taxes. Hope your having a fine week.

Posted by David Saks about 10 years ago

I just hope what happened in Iceland doesn't spread to other parts of the world.

Posted by Hawaii homes (Century 21 iProperties Hawaii) about 10 years ago

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