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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