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Austria Finmin Says Expects Swiss Franc To Weaken In Longer Term - Yahoo Finance

(EURCHF=EBS) Franc loans have been popular in parts of central and eastern Europe because of their low interest rates and the Swiss currency's sharp appreciation has given a headache to borrowers in countries from Poland to Croatia. Wealthy Austria, which banned many foreign currency loans in 2008, has been less affected by the Swiss currency move. But the removal of the cap means more costly debt http://kastawavers.tumblr.com servicing for some 151,000 households who hold a total 29 online billion euros ($32.5 billion) in Swiss franc-denominated loans. "For Austrians who have loans in francs this means they have around 20 to 25 percent more debt," the Oesterreich newspaper quoted Finance Minister Hans Joerg Schelling as saying. "I don't think that the franc will stay this high in the long term because Switzerland can't afford it. Exports get too expensive and tourism will drop," Schelling said.
More: http://finance.yahoo.com/news/austria-finmin-says-expects-swiss-100816345.html

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