The story unfolding in Poland, with politicians running electoral campaigns based on promises to curb bank profits, could have a profound effect on other countries, depending on the outcome.
We casually talk about the global economy, and how one venture outside of our borders can have a dramatic effect on our financial health. The story began during the financial crisis of 2008, when Polish banks were largely insulated from the global recession due to their strong fiscal management policies and the financial management tools offered to customers. At that time, many Poles took advantage of the Polish currency’s strength (zloty) against the Swiss franc and financed mortgages in the Swiss currency Today, that balance is reversed; the Swiss central bank abandoned caps on the franc’s value earlier this year. As a result, the franc became stronger, with the move affecting more than half a million Poles who now find themselves paying much more for their mortgages. To read the rest of this article on Medium.com, please click here.
