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Croatia Cancels Debts for Its Poorest People

826 views · Published 10 February 2015 · 2:48 · Indexed 22 October 2026

Channel: The Fowler Show · 2015 · News & Politics

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Croatia’s government is canceling hundreds of millions of dollars in debts for the lowest-income people in the country. The leaders hope to boost consumer spending and reverse various nasty economic trends — or at least keep their jobs when the next parliamentary elections roll around.

Only the poorest Croatians are eligible for the program, which is intended to reach about 60,000 people. Debt relief recipients must earn less than 1,250 kuna per month — about 15 percent of the average national wage — and have debts smaller than 35,000 kuna ($5,100). Forgiving such debts will cost between $31 million and $300 million. That total will fall on a mixture of government treasuries and private companies, including multiple banks, telephone companies, and utilities, who will hope to benefit in the long run from improved economic conditions that could follow the debt forgiveness.

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STORY:http://thinkprogress.org/economy/2015/02/03/3618405/croatia-debt-forgiveness/

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