The Franak Association Sent an Open Letter to Vučić, Here is What They Demand…

The Franak Association today sent an open letter to the Prime Minister of Serbia, Aleksandar Vučić, as “the person who holds all the instruments for solving the problem of the Swiss franc” in that country.

The Association emphasizes that the problem of loans with a currency clause in švicarskim francima is not just the problem of one citizen, a few hundred people, nor of Croatia or Serbia, but rather a product that has been created and marketed in a number of countries, thus representing a common problem for all of Eastern Europe, a problem that many countries have already resolved through the conversion of these loans.

They state that they actively monitor all events in the neighborhood and have noticed that in other countries in the region, including Serbia, there is no awareness and responsibility from the central bank and its leading figures. They continue by questioning the expertise of the people leading the central bank, who ignore or are unaware of basic economic concepts in terms of risk management, which includes both currency and interest rate risk.

– Therefore, Mr. Vučić, we invite you to view this problem as a whole and to follow the example of Croatia, Montenegro, and Hungary, and to also move towards urgent and quality solutions for debtors in your country. Citizens are the foundation of every society. For strong and stable banks, it is necessary to have a strong and financially stable society. Citizens must not be left to fend for themselves, abandoned and left to self-organize, as it is clear that this is a banking product that has existentially endangered loan users in all countries where it has been marketed, putting them in a situation of debt slavery – the Association states.

The Association also noted that there is no country in the world, from Australia, Iceland, Cyprus, Hungary, Poland, Montenegro, to Croatia, where banks have offered any solution to this problem on their own, until they were forced to do so by legislative and judicial authorities.