Latvia's Bubble

[irishaberdeen]

Ilze Latisenoka gazes around her top-floor apartment with a sad smile on her face, wondering what might have been.

As the sun streams in through the large skylights in the sloping roof, it is easy to see why she fell in love with the flat.

But things did not work out the way she planned.

She bought the apartment for 280,000 euros in July 2007 with the aid of a huge bank loan.

She realises now that she made a mistake in buying at the top of the market. “I lost my common sense in that period,” she says.

"I was not thinking about the money. It was really a lot of money, I now understand, but in that moment, the money didn’t matter. Only the flat mattered."

news.bbc.co.uk/1/hi/business/8605736.stm

[The_Unwelcome_Guest]

Latvia has no bankruptcy process that would let Ilze walk away from the loan. Now out of work and expecting her first child, she is worried about the future.

Sounds familiar…

[irishaberdeen]

@The Unwelcome Guest

Latvia has no bankruptcy process that would let Ilze walk away from the loan. Now out of work and expecting her first child, she is worried about the future.

Sounds familiar…

you expecting your first child TUG?

[The_Unwelcome_Guest]

@irishaberdeen

you expecting your first child TUG?

What’s this, the Spanish inquisition? Well, you never do expect it, I guess…