You think that this might be a good way to help stimulate the jobs and resources in the country if he did forgive the debt insteead of burden them with high interest..
Nicaraguan President Daniel Ortega said the country’s new state development bank won’t forgive debts to poor farmers as the Sandinista government did in the 1980s.
“We can’t repeat debt forgiveness,” Ortega said today while swearing in the board of directors of Banco Produzcamos, according to a statement on the presidential Web site. “We can’t have debtors not paying again.”
Ortega congratulated indebted farmers, whose protests against high interest rates have often turned violent, for pressuring congress to create the bank. Its deposits will come from international aid funds.
Ortega said his Sandinista party has pushed for the bank, which will have $57 million to provide low-interest loans to poor farmers, since the last state bank was closed in the 1990s by the government of President Violeta Chamorro.
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