Eurozone Banks Now Enjoying Negative Interest
"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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