Posted on 02/02/2015 11:33:48 AM PST by Lorianne
Starting Monday, thousands of Croatia's poorest citizens will benefit from an unusual gift: They will have their debts wiped out. Named "fresh start," the government scheme aims to help some of the 317,000 Croatians whose bank accounts have been blocked due to their debts.
Given that Croatia is a relatively small Mediterranean country of only 4.4 million inhabitants, the number of indebted citizens is significant and has become a major economic burden for the country. After six years of recession, growth predictions for Croatia's economy remain low for this year.
"We assess that this measure will be applicable to some 60,000 citizens," Deputy Prime Minister Milanka Opacic was quoted as saying by Reuters. "Thus they will be given a chance for a new start without a burden of debt," Opacic said earlier this month.
To be eligible, Croats need to fulfill certain criteria: Their debt must be lower than 35,000 kuna ($5,100), and their monthly income should not be higher than 1,250 kuna ($138). Those applying for the scheme are not allowed to own any property or have any savings.
(Excerpt) Read more at washingtonpost.com ...
Jubilee!
Elizabeth Warren call (or smoke signal) your office.
Those who actually worked to pay their bills on time must be pissed!
“...their monthly income should not be higher than 1,250 kuna ($138). Those applying for the scheme are not allowed to own any property or have any savings....”
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Sounds like they’re adding incentives to work under the table and to hold any property under the name(s) of straw purposes.
...the government scheme aims to help some of the 317,000 Croatians whose bank accounts have been blocked due to their debts... country of only 4.4 million inhabitants... "We assess that this measure will be applicable to some 60,000 citizens," Deputy Prime Minister Milanka Opacic was quoted as saying by Reuters... Their debt must be lower than 35,000 kuna ($5,100), and their monthly income should not be higher than 1,250 kuna ($138). Those applying for the scheme are not allowed to own any property or have any savings.Interesting scheme -- taxpayer funded?
Unusual. Normally only banksters are given this sort of treatment.
We’ve got the same thing here already. It’s called the middle class but it’s worse because we’re on the hook for all of their future bills as well...
Note to self:
Don’t loan money to Croats or Greeks
or Italians, Portuguese or Spaniards
For that matter, check your 401K and get your money out of Europe.
Exactly...I would not mind if the US declared a Jubilee year for, say thirty years from now, in which all debts public and private would be forgiven.
Kakko !
Well, that means all government bonds would be written down to zero. Have you considered what would happen along the way?
People want free money. They want to live above their means. Whether its government transfer payments or borrowing followed by debt forgiveness, they don’t want to live on what they earn. And keep in mind, most of they have not been borrowing to buy food — its for extras. It will be the downfall of the West.
90% will dig the same hole in a year or two.
Big deal, the deadbeats weren’t going to pay anyway. may as well get some PR out of the writeoff, I suppose.
Yep. The financialization of our economy would be ended and credit would be tightened as the day of Jubilee grew closer and closer.
And my grandchildren would get to live in a country absent of the debt of past generations.
It won’t be easy, but it’d be better than having children born into debt bondage.
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