The Government Should Step Forward On Behalf Of The Defaulted Loan Holders

commissionIn the News (translated from Rossiiskaya Gazeta): Over the past month, the number of loan defaulters being sued [in Russia] increased by 150%, reaching 730 thousand people and totaling a debt of 117 billion rubles. However, this number includes only those debtors who were sued by the banks through court. In reality, the number of debtors is much higher, and many of them are families with children.

The banks are not willing to make any compromises since the massive defaults can leave them bankrupt, and problems in the banking system pose a real threat to the economy and the society.

My Comment: What can you take from a person who’s broke? The government should step forward on behalf of the people and assume write-offs, delayed payments, or even deals with the banks. There is no other solution. After all, all the money in the treasury came from the taxes paid by these people, or from selling the natural resources of the land that belongs to the people!

Related Material: Post: In the News: Is Communism the Way Out of the Crisis? Post: Coping With the Financial Crisis: A Change In Strategy? Post: When Will the Financial Crisis End?

Discussion | Share Feedback | Ask a question Comments RSS Feed