Not quite relevant but:
https://uk.finance.yahoo.com/news/croatia-writes-off-debts-poorest-111606454.html
Great news for Croatians. Hope countries like the UK do this too.
Thousands of Croats will see their debts written-off on Monday as part of an attempt to boost the economy by helping households to regain access to basic facilities including bank accounts.
The scheme, which has been dubbed "fresh start", will see the debts of around 60,000 citizens erased by banks, telecoms and utilities operators as part of a deal with the government.
Around 2.1bn kuna (£20m) worth of bad debts are expected to be written off by creditors who have signed up to the scheme. None will be refunded for their losses.
Qualifying households must have debts lower than 35,000 kuna (£3,500), and their monthly income should not be higher than 1,250 kuna. Croats who own property or have any savings will not benefit from the deal.
"We assess that this measure will be applicable to some 60,000 citizens," said Milanka Opacic, Croatia's deputy prime minister. "Thus they will be given a chance for a new start without a burden of debt."
It is estimated that the program will give 20pc of the 317,000 Croatians whose accounts were frozen in July last year due to bad debts access to their accounts again.
"This is the first time that any [Croatian] government tries to solve this difficult problem and we are proud of it," Prime Minister Zoran Milanovic told a cabinet session.
The deal will be noted in Greece, where the new Syriza government is trying to renegotiate the terms of its multi billion euro bail-out.
The Athens Stock Exchange tumbled last week , led by a massive fall in bank stocks, amid concerns that the Syriza-led coalition could take direct control of the country’s lenders and write off billions of euros in household loans.
Croatian Banks Write off Debts owed by poor
posted on 3/2/15
comment by Wessie Road (U10652)
posted 2 minutes ago
No, the bailout money hasn't made the shareholders rich, though others have done ok...
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I know, bonuses for being sh.it....
The EU wants to restrict bank bonuses, because they take the view that Banks have a social responsibility other than just feeding at the trough (which is pretty hard to argue against, given what happened in 2008).......but have a guess which country is fighting against this EU measure?....
We'll take the bonuses, you pay the subsidies when we fail. It's quite a deal.
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A terrific deal, we give them the money to shore up their finances, they take a small part to rebuild their capital base but use most of it to continue paying huge bonuses (and raising salaries whilst they are at it), and even when we own 80% of a company, as we do with RBS, we do nothing about it.
posted on 3/2/15
Comment Deleted by Site Moderator
posted on 3/2/15
What a ridiculous idea, now those who had debts wiped can work up fresh ones.
posted on 3/2/15
What a ridiculous idea, now those who had debts wiped can work up fresh ones.
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It’s only costing about 20m, and they estimate that it’ll help 60,000 people.
The Royal Family costs 36m a year (up by only 2m on last year, so the austerity’s really biting), and it only helps a few people, so what the Croats are doing is a lost more cost-effective.
(We spend 1m a year on the Royal gas-bill, and 400k on the Majesty’s booze).
Not that I mind helping the Royal Family out....they’re brought up to be chocolate teapots, so they can’t really help it, and people seem to like following the soap-opera of their lives, bless them, so I don’t begrudge anybody the little pleasures they get from camping on the pavement all night and watching them walk past.
It’s just that what the Croats are doing with the money is a lot more cost-effective. If you’re going to give your money away, I personally would rather it was spent on helping 60,000 people have an easier life than just one family, and it may even help to stimulate the economy.
And we could easily afford to do both, tbh.
posted on 3/2/15
"The Royal Family costs 36m a year "
Oh dear.
If only you had any idea how much money the royal family generates for this country.
posted on 4/2/15
Oh dear.
If only you had any idea how much money the royal family generates for this country.
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I know how much they pretend to generate, most of it premised on assumptions that are impossible to prove. (and on the assumption that none of the money would be generated anyway if they didn’t exist).
The 35m is something of an under-estimate too, as it doesn't include things like security. But as I said, I’m happy for people to collude in this delusion if they enjoy it, and I don’t begrudge the money.
As Mickey Flanagan says, when a man wears a wig, he demands of the people that know him to collude in the delusion that he has a barnet, and as with the Royal Family, I don’t resent the collusion, I just find it amusing.
posted on 4/2/15
I have looked it up several times and the average estimated OVERALL cost of the royal family to the tax payer correlates with the figure provided above.
posted on 4/2/15
Having traveled all over the world IMO the royals do more than pay for themselves. They're far more revered abroad than a lot of people realise and definitely do help tourism hugely.
posted on 4/2/15
Comment Deleted by Site Moderator
posted on 4/2/15
Wouldn't argue with a word of it Wessie.
Wouldn't dare!