903
The Colombian government announced Thursday it made an arrangement
with banks to buy the debts of people who borrowed money to invest in
pyramid schemes.
The banks allow the government to take over the debt with a discount. The government says it will offer the people in debt a longer period to pay back the money they owe and will charge less interest.
Thousands of Colombians lost all their savings in pyramids, those who borrowed money from banks to invest in pyramid schemes were hit worse by the crisis that followed the collapse of one pyramid scheme and the forced shut down of another.
