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Jutarnji list - Croatia | Friday, September 11, 2015

Appropriate help for Croatia's franc victims

The Croatian Finance Minister Boris Lalovac announced last week that the loans of Croatian citizens would be converted from Swiss francs to euros in order to reduce their interest charges. Croatia is taking the right action, comments the liberal daily Jutarnji list: "It was to be expected that EU members whose banks are facing losses would react. ... We have learned from the EU Commission that three banks have submitted written complaints about the government's decision. ... The EU will only intervene here if it comes to the conclusion that the Croatian government's decision infringes EU laws - in this case those regarding the free movement of capital. If Austria, as announced, brings up this matter informally at the ministers' meeting in Luxembourg, or if the banks can prove that Croatia has violated EU law, the Commission may launch an investigation. ... Up to now the EU has stayed out of this because Croatia has taken care to adhere to the laws."

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