Today’s interest rates are lower than 2008

“It isn’t true that banks are without mercy. Today’s interest rates are lower than four years ago. Fabrizio Galimberti explained the situation very well in ‘Sole 24 ore’.” Said Luca Barni, Busto Garolfo and Buguggiate Bcc manager, during the meeting in Ville Ponti about the introduction of the new agreement with Confesercenti, in order to overcome cash flow problems, which are affecting many small entrepreneurs. Barni carries on “Thanks to this agreement, we create a 4.70% (3 months+spread euribor rate) “mutuo chirografario” (loan without mortgage o other real guarantee) lower than 2008. The real problem is confidence, the credit machine seized up due to this reason.”

Every time we talk about credit crunch we take for granted that credit is always given by banks. This is a feature pointed out by the Bcc manager: “Ignazio Visco, governor of the Bank of Italy, said that it does not exist a credit entitlement.

Instead, exists the right of money repayment to customers who brought it to the bank”.