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Rzeczpospolita - Poland | Wednesday, July 13, 2011

Euro crisis boosts Swiss franc

The Swiss franc reached a record high against the Polish złoty on Tuesday owing to the fact that more and more investors are buying the Swiss currency because of the euro crisis. This is pushing up the interest rates on loans taken out in francs by Poles to build their own homes. The 2008 crisis is far from over, warns the conservative daily Rzeczpospolita: "Because one of the main causes hasn't been eliminated. The problem lies in the money that has been printed and borrowed in the billions without having any countervalue. They tried to prevent an economic collapse at any cost. Many states lived more and more on credit instead of saving. Today everyone is profiting from the recovery this generated but investors have the feeling that the market may be hiding more skeletons. A situation in which some states live purely on borrowed money is untenable in the long term."    

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