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Editorial: Silver lining for hard-up borrowers

THE financial markets are in turmoil and the future of the Euro is in doubt once again. Pension funds have taken another battering, and the problems are not confined to Europe.

Markets in Asia and the USA have also taken a dizzying dip in the last 24 hours.Some people will naturally be worried about their shares and investments. Others will be thinking about how their pensions will be affected.

But there is a glimmer of respite for hard-pressed homeowners.

The deepening euro crisis means interest rates are unlikely to rise for another year, giving many mortgage holders a measure of relief.

The European Central Bank will probably be unable to increase rates until well into 2013 due to the fragile global economic state. There is even an outside possibility that the rates could be cut and that's good news for an awful lot of people.