Chapter 70: The Value of One Pound (2)
[Breaking News: Sweden Hikes Short-Term Interest Rate Again!]
A dazed, doubtful voice came from beside me. Yoo Seon-jun, who had just returned from Germany, rubbed his eyes while watching the TV.
“This is... this is insane. 500%?!”
Can’t ❀ Nоvеlігht ❀ (Don’t copy, read here) blame him.
Just yesterday, Sweden’s short-term interest rate was 75%. That alone was already insane.
Seventy-five percent. Even if it’s a temporary measure that only lasts a few days, that means paying three-quarters of your principal in annual interest.
No one had expected Sweden to push rates up this far.
“This is... this is real? They’re really doing it?”
Yoo Seon-jun, who’d been studying economics for less than five years, groaned as he witnessed something no textbook had ever prepared him for.
Even seasoned veterans who’d spent decades in the field probably had their souls knocked loose, so I couldn’t blame him too much.
As someone who roughly knew the future, I calmly watched the news.
—“Beyond the short-selling damage, the derivatives market saw millions in losses in mere moments. If the Swedish central bank maintains this position for just two more days, projections say losses could climb to tens of millions...”