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Iceland Raises Interest Rates to a record 18 percent

By Gina Burgio

Mortgage and Lending with VERICO Designer Mortgages Inc.

October 28, 2008 05:51 PM

Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.

Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks.

Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more.

Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on in Iceland!

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

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Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Gina- It gives me shivers just thinking about the word, Iceland:) More now, with those interest rates. We had that here before you were born probably during the Jimmy Carter Presidency. Katerina

Oct 28, 2008 05:58 PM

Chuck Willman

Chuck Willman - Alpine, UT

NewHouseUtah.com

I've been watching the events of Iceland quite closely... they are like a case study for the rest of the world. The steps they are taking are being measured for effectiveness- especially among other nations that are on the precipice of financial disaster.

Oct 28, 2008 06:01 PM

Tim Mancuso

Independent Coach, Trainer & Consultant - Gilbert, AZ

Elite Sales Coach - GROW SMART

Thank you Gina - that is outrageous! When you consider the cost of living and other specific aspects of living and owning real estate in Iceland, it's hard to believe that anyone can make it 'work' at all!

Great stuff - and Thanks also for pointing this out in contrast to our own situation here in the US - we are a LONG way from 'bad'l here.

Oct 28, 2008 06:24 PM

Dinah Lee Griffey

Windermere Peninsula Properties - Allyn, WA

Managing Broker Windermere Peninsula Properties

I heard that at one point we had 18% in th e U.S. That was a long time ago, and we just got more creative when finding people for the homes. I'm not worried-Dinah

Oct 28, 2008 06:29 PM

David Saks

Memphis, TN

Broker / Industry Analyst

Could it be that their homes are really inexpensive, Gina, and they're seeking some level of equanimity for their economy ? I've heard that they also have an extraordinary program of social medicine and low taxes. Hope your having a fine week.

Oct 28, 2008 06:49 PM

Hawaii homes

Century 21 iProperties Hawaii - Honolulu, HI

I just hope what happened in Iceland doesn't spread to other parts of the world.

Oct 28, 2008 08:10 PM

Iceland Raises Interest Rates to a record 18 percent

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