24.10.2008 - Emerging markets: Foreign currency debt troubles
From Businessweek.com: Foreign-denominated debt is squeezing countries from Romania to South Korea as their local currencies falter. When Daniel Ion bought his first home last year, his monthly mortgage payment was $704. Now it's $939—and rising. "We wanted so much to have our own house, but now we are really starting to feel the burden," says Ion. Soon, he frets, his salary as a manager at a toy factory may not be sufficient to cover the payments..... Full Article: Source chan=globalbiz_europe+index+page_top+stories