The financial crisis in Eastern Europe has caused the Polish Zloty, the Czech Koruna and the Hungarian Forint to lose close to 50% of their value against the US dollar. Everbank's "European Opportunity CD" is made up of these three currencies. Likewise, $10,000 invested in an Everbank Mexican Peso certificate of deposit in August, 2008, is now worth about $6500.
Meanwhile the Icelandic Krona continues to stabilize, and has appreciated about 12% against the US dollar since the beginning of the year.
Sunday, March 1, 2009
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April 2009, and its time to file the Federal income tax returns, and be reminded of my Everbank ISK CD debacle.
Note that Everbank has issued 1099-INT forms, to remind the customer that tax is owed on the interest for 2008. As for the huge losses that the customer would have incurred due to Everbank closing the ISK, I took a $3000 capital loss for 2008 and will take losses over subsequent years.
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