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'Chance for a new start': Croatia writes off debts of 60,000 poorest citizens

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Village of Bobodol, near Knin, in central Croatia (Reuters / Antonio Bronic)

picture: Village of Bobodol, near Knin, in central Croatia (Reuters / Antonio Bronic)

Source: RT.com

Croatian government have gotten creditors on board a plan to erase the debts of some 60,000 poorest citizens. The “fresh start” scheme targets less than 1 percent of the entire debt, but is hoped to boost the economy in the long-term.

The unorthodox measure was voted for by the government on January 15 and comes into force on Monday. To be eligible to participate debtors must have no savings or property, have a debt no greater than about $5,100 and live on welfare or an income of no higher than $138 per month.

"We assess that this measure will be applicable to some 60,000 citizens," Deputy Prime Minister Milanka Opacic said as he was introducing the bailout. "Thus they will be given a chance for a new start without a burden of debt."..... Read more

 
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