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Kazakhstan to forgive debts of the poor, end bank bailouts

Started by EvadingGrid, Jun 27, 2019, 11:50:27 AM

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EvadingGrid



RT - Russia Today


Kazakhstan to forgive debts of the poor, end bank bailouts
http://www.rt.com/business/462810-kazakh-president-debt-poor/





As part of the debt forgiveness program he aims to end costly state rescues of private banks. The 66-year-old was elected president on June 9 after longtime leader Nursultan Nazarbayev stepped down as head of state in March.

The Central Asian country has been struggling with a decade-long crisis which forced the government to pump at least $18 billion into lenders as the banking sector was collapsing under the weight of bad debts. Kazakhstan's central bank is conducting a review of asset quality which prompted speculation that a new round of bailouts could be in the works. "My attitude is that there should be no governmental bailouts" for lenders, Tokayev told Bloomberg in an interview. "My assessment of this issue as a president is that the government should not get involved any more, any longer, with its loans as far as private banks are concerned."

He noted that while the debt-relief initiative could help lenders, the total cost was likely to come in at "a bit less than $1 billion."

According to the Kazakh president, more than three million people in the country of 18 million will get help to get rid of debts. It is aimed at "people who find themselves in very difficult living circumstances," said Tokayev.

The presidential administration estimated that about 500,000 people are not able to manage their debt. In 86 percent of cases, the loans are less than 1 million tenge ($2,650), while the average debt is about 300,000 ($788) tenge.

Talking about past bailouts Tokayev dismissed any political connections, saying "the lesson has been accepted by us."

"We will take lessons from the past, from what has happened in the banking system, and I think that in a couple of years you'll have absolutely new questions," he added.'



Source   - RT



Icke





Last Edit by Gladstone

EvadingGrid

Yikes . . . .

Somebody is going to be very angry !



Last Edit by Gladstone

Al Bundy

Quote from: EvadingGrid on Jun 27, 2019, 11:54:47 AM
Yikes . . . .

Somebody is going to be very angry !



Last Edit by Palmerston

Yes. But not on Kazakhstan.
Bankers will thrill USA, UK, EU, Switzerland ... on Russia.
EG, so you do not believe that Kazakhstan, even if it has money, will repay the debts of its people? ::)



Last Edit by Gladstone