Overseas property buyers across the eurozone may find their prospects of being able to find a cheaper mortgage to do so rising, following the decision of the European Central Bank (ECB) yesterday to cut the euro minimum bid rate.

The main refinancing interest rate was lowered by 0.75 per cent to 2.5 per cent, following recent news that the eurozone is now in recession.

Such a move could help lower the cost of mortgages for purchases of overseas property in the eurozone, affecting property in countries such as Spain, France, Italy, Greece and Portugal.

The cut could also help bolster the value of these properties through the beneficial effects of economic growth by helping the eurozone to come through its downturn sooner.

Writing in the Times today, economics expert Anatole Kaletsky argued that it is "implausible" to suggest that the rate cuts and financial stimulus actions of governments in various countries will not eventually bear fruit.

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