{"id":15464,"date":"2015-12-19T09:49:07","date_gmt":"2015-12-19T14:49:07","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15464"},"modified":"2015-12-19T09:49:07","modified_gmt":"2015-12-19T14:49:07","slug":"romanian-private-debt-crisis-erupting","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15464","title":{"rendered":"Romanian Private Debt Crisis Erupting"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/www.armstrongeconomics.com\/archives\/40582\" target=\"_blank\">Romanian Private Debt Crisis Erupting<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><a href=\"http:\/\/armstrongeconomics-wp.s3.amazonaws.com\/2015\/12\/BNRomania.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-40583\" src=\"http:\/\/armstrongeconomics-wp.s3.amazonaws.com\/2015\/12\/BNRomania.jpg\" alt=\"BNRomania\" width=\"670\" height=\"497\" \/><\/a><\/p>\n<p><strong>COMMENT:<\/strong>\u00a0Dear Mr. Armstrong,<\/p>\n<p>What you wrote concerning the possible repeated start of the banks collapse from Austria, once again, is right. The biggest lenders in Romania are some Austrian banks, among some Greek ones which are already in a coma.<\/p>\n<p>A new law has been passed and violent attack started from banks, including the National Bank of Romania. Today, 4 European mother-banks having subsidiary in Romania appealed an threaten with lawsuits in a letter addressed to the Romanian President, asking\/demanding him not to endorse this law. My guess is they are Erste, Raiffeisen, Societe Generale (French) and either Alpha Bank (Greek) or UniCredit.<br \/>\nOne IMF Director met one week ago with the Romanian President but agenda was not disclosed \u2013 guess what\u2026<\/p>\n<p>Pressure and lobby is huge. If this law is promoulged, banks are quite in shit, cause the estimated no of families who\u2019ll give back homes to banks is 30 -100 000.<br \/>\nIf not, President\u2019s career and image goes in the toilet \u2013 so it comes political instability and next year are scheduled local and general elections.<br \/>\nBest Regards,<br \/>\nAI<\/p>\n<p><strong><u>REPLY:<\/u><\/strong><span class=\"apple-converted-space\">\u00a0<\/span>The crisis throughout Eastern Europe has been selling mortgages in Swiss francs without disclosing the currency risk. This law, passed by the Romanian Parliament, is actually fair. The banks would have to take back the property and end the debt. That is how Caesar resolved the debt crisis, for then too the bankers would not accept property and would take the borrower\u2019s children and sell them into slavery to pay off the debt.<\/p>\n<p>Romania\u2019s National Bank (BNR) has asked President Klaus Iohannis to send back to the Parliament the recently approved law, which defines making payment on a mortgage by allowing the mortgage debtors to hand back to banks the mortgaged assets to terminate the debt. The bankers want no risk and will screw the people every time. This law is fair as the banks sold mortgages without guidance.<\/p>\n<p><a href=\"http:\/\/www.armstrongeconomics.com\/wp-content\/uploads\/2013\/06\/Money-Assets.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" size-full wp-image-32677 aligncenter\" src=\"http:\/\/www.armstrongeconomics.com\/wp-content\/uploads\/2013\/06\/368x203xMoney-Assets.jpg.pagespeed.ic.rf7_ixf3Oz.jpg\" alt=\"Money-Assets\" width=\"368\" height=\"203\" \/><\/a><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Romanian Private Debt Crisis Erupting COMMENT:\u00a0Dear Mr. Armstrong, What you wrote concerning the possible repeated start of the banks collapse from Austria, once again, is right. The biggest lenders in Romania are some Austrian banks, among some Greek ones which are already in a coma. A new law has been passed and violent attack started [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5496,195,5479,11130,11129],"class_list":["post-15464","post","type-post","status-publish","format-standard","hentry","category-economics","tag-armstrong-economics","tag-debt","tag-martin-armstrong","tag-private-debt-crisis","tag-romania"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15464"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15464\/revisions"}],"predecessor-version":[{"id":15465,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15464\/revisions\/15465"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}