“Thousands of Croatians holding loans denominated in Swiss francs took to the streets of Zagreb on Saturday, demanding local banks to restructure the debts and the central bank governor to step down for failing to take action. Some 60,000 Croatians hold around 27 billion kuna (£2.5 billion) worth of Swiss franc-denominated loans, mainly taken out during the 2000s when many in central and eastern Europe were attracted to low interest rates on the Swiss currency. The franc surged in January when the Swiss central bank scrapped its peg to the euro, driving the loans’ costs sharply higher. The Croatian government fixed the franc rate against the kuna at 6.39 for one year to put a cap on the mounting debts.”
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