There was a time when interest rates in Switzerland were far lower than those in the central European countries.  When Hungarians wanted to borrow money, they went to Switzerland.  But then their currency plunged and they were left with staggering debts. At one time recently 70% of household debt in Hungariy was held by Swiss banks.

Victor Urban,, Hungary’s prime minister, came t power in part to correct thsi problem.  A fair banking law is now working its way through Parliament. It would cap interest rates and monthly re-payments.

Hungary had the largest loans, but Poland had almost 38% of household debt in foreign loans in 2009.  Forced conversion from francs to Zlotny would cost Poland as much as 13 billion dollars. Conversion to the euro may help even out indebtedness.