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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Monday, June 30, 2014

Eurozone Banks Now Enjoying Negative Interest

Well kids, it's official: The eurozone economy is so bad that the European Central Bank has implemented a negative interest rate on deposits.

"The interest rate on the deposit facility will be decreased by 10 basis points to -0.10%, with effect from 11 June 2014."
In other words, if banks in the eurozone  choose to hang onto their money instead of lending it out, they will pay a penalty.

The Prime Rate in the eurozone was lowered to 0.15%.  Let's see if Mario Draghi and company have the courage to lower Prime to zero if the eurozone economy continues to show little improvement...



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