New debt moratorium program to start in May
Published on April 18, 2012 by TFP · 1 CommentBANGKOK, 18 April 2012 – The Ministry of Finance will request the Cabinet to approve debt moratoriums for farmers and low-income people during its meeting next week. The program is set to be launched next month.
Under the program, Deputy Minister of Finance Tanusak Lekuthai said 4 million people with debt worth not more than 500,000 baht each would be eligible for the moratoriums. The interest rates will be decreased to 2% at the maximum. After the program is given the green light by the Cabinet, Prime Minister Yingluck Shinawatra will preside over the opening ceremony on 2 May 2012.
Those interested in signing up for the program will be given a period of three months to do so. Debtors with bad debts will also be allowed to register for a moratorium after they have successfully refinanced their debts.
The deputy minister added that the government would prevent damages to the participating banks and subsidize their losses.
The previous debt moratorium scheme ended on 15 April 2012. There were around 350,000 people participating in the program or 50% of the target number.
(NNT : Narumon Ngamsaithong)
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WHAT???? 4 million people retiring 500,000 baht in debt each??? Has anyone done the math on this??? This is just money-printing by another name. Anyone not short the baht is asking for serious trouble IMHO. First it’s 500,000 baht.