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Austrian "Freedom" Party Demands Bailout For Swiss Franc Speculators (From "Monstrous Monetary Policy")

The phrases "it's just not fair" and "waa waa waa" were not seen in Austria's Freedom Party's statement demanding a bailout for Swiss-Franc-denominated borrowers (i.e. people who were willing to speculate on FX rates with their house as collateral in order to get a lower interest rate in order to afford a bigger home that they really couldn't afford in real risk-adjusted terms). What Austria needs, general secretary Franz Kickl exclaimed is "a general regulation and an offer to all Franc borrowers," adding that "it cannot be that Austrian borrowers are the only ones who keep their losses even they are indemnified in Hungary, Croatia and perhaps even in Poland, the Czech Republic and Slovakia." Which does sound oddly like 'waa waa waa'?

 

Austria Freedom Party Statement (via Google Translate):

Kickl: Freedom Party calls for aid package for Franken-borrower

Home builders and entrepreneurs pay bill for catastrophic monetary policy

 

Vienna (OTS) - The ECB monetary policy always takes monstrous forms. The bill for the absurdities pay the citizens of the economically better prepared States and Austria - especially the savers whose assets are depreciated in real terms, and in particular the extent franc borrowers. "It has to be this clear, there blame for the disaster that has increased by up to 60 percent of the debts of the borrower franc, the Chaos policies of governments in the euro area countries - and in Austria's fault SPÖ and ÖVP and its mehrheitsbeschaffenden green and pink appendage, "said Freedom Party General Secretary NAbg. Herbert Kickl .

 

Although located franc borrowers had to be the speculative nature of their funding form quite aware, must surely is a legitimate apply to them, explained Kickl: "I do not think that someone who, for example, in 1995 with confidence on economic development in Austria and which resulting hard currency has taken out a loan had to reckon with the fact that 15 years later the prevailing policy begins to demolish the now common European currency intentionally by the break even given all the rules. " Therein lies namely the cause for the dramatic decline in the value of the euro against the Swiss franc and also many other currencies.

 

Kickl now therefore calls on the policies a comprehensive support package for Franken-borrowers. With life extensions - bring the banks money again - it could not be done. "We should definitely have a look to Eastern Europe to throw," said Kickl. Croatia chic at just the come under pressure borrowers financially bail out. Hungary had already done this, and other Eastern European countries could follow, as experts say. "The cost for wear, especially in Eastern Europe often Austrian banks. It can not be that, although the Hungarians, Croats, perhaps even the Poles, Czechs and Slovaks replace their losses and at the end of the Austrian borrowers are the only ones on the track and sit fully on their losses remain, "said Kickl. Austria had its banks massively helped at the outbreak of the crisis, although the cause was to search for their difficulties never in Austria itself, but especially in Eastern Europe. "Now the opportunity arises - for banks as well as the policy must set appropriate rules - to do something in this financial and economic crisis for its own citizens," Kickl appeals to the government parties, as soon as possible to present a proposal.

 

The Freedom Party Secretary General also points out that many loans also legally lot was to clarify, because incorrect advice could be available by banks or by the release of stop-loss limits to fatal courses, the damage should be prevented so has widened had been. "It can not be that one, leaving the enormous risk of litigation to enforce these mistakes in the already financially ailing borrowers. We need a general scheme and an offer to all Franken-borrowers," says Kickl. After all, it is also in the interest of the banks, which also reduce existing risk to themselves by foreign currency loans. Now to put your head in the sand and just playing for time, increase the risk of the catastrophic Euro-Politics - Tagged government bond purchases by the ECB - even further.

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Bailouts for all...