Euribor interest rate plummets to 0.5 per cent – the lowest ever
Thursday, May 2, 2013 @ 5:15 PM
INTEREST rates in the Eurozone have fallen to an historic 0.5 per cent, which will save the average mortgage holder nearly 700 euros a year.
Those who hold a variable-rate loan which is due for its annual revision around now will see their monthly payments plummet by an average of 55 euros a month.
Spain's opposition socialist party says this is a 'cause for celebration' as it will relieve some pressure on householders struggling to cope with falling wages and rising unemployment.
But the Central European Bank (BCE) says economic policy in the Eurozone will 'have to change dramatically' because the recession is now 'no longer affecting the minority'.
Although Spain, Italy, Portugal, Greece, Cyprus and Ireland are suffering the most, even France – fairly stable until recently – has seen a rise in jobless figures and Germany is beginning to feel the pinch.
Read more at thinkSPAIN.com