Kazaks urges banks to write off ''bubble'' era debts that have not been recovered

  • 2020-03-05
  • LETA/TBT Staff
RIGA - Martins Kazaks, Governor of the Bank of Latvia, urges banks to write off the so-called "fat year" or "bubble" era debts that would allow more than 10,000 people to return to the economy. As Kazaks said in an interview with Latvian Television this morning, a significant number of residents took out loans in the so-called "fat years", mostly mortgages that many were unable to repay later. Part of the property was expropriated, but in many cases it was not enough to pay off their debts. At present, many banks consider these debts irrecove...
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