Croatia Will Write Off Debts For 60,000 Citizens

by
Hana LaRock
Can the rest of Europe take an example from Croatia? Croatian citizens have accumulated lots of debt since the European economy crisis.

Croatia

However, the Croatian government is about to get rid of the debts of 60,000 of their people.

In order to be eligible for this 'debt forgiveness', you must not have any savings or own property, have a maximum debt of $5,100, and live on an income of no more than $138 a month.

Surprisingly, or maybe not so surprising, a huge number of Croatians fall under this criteria.

So, who's exactly paying off all these debts? Several banks, tax agencies, and a handful of companies have taken on these debts, which they will not be refunded for.

Hopefully Croatia's move will lead to a positive domino-effect of changes that will be made in Europe (and maybe the U.S) to help repair the economy. Bulgaria also did something similar a few years back, and other countries seem to be hopping on the band-wagon.

When all is said and done, the beautiful country of Croatia will have gotten rid of approximately $31 million of debt.

Carbonated.TV