Law of Banking Crisis was approved

The new Organic Law of the Banking Crisis from 1999 was approved  yesterday in the plenary of the Assembly, with 102 votes in favor, one against and three abstentions.

The president of the Commission for Economic Development, Juan Carlos Cassinelli (AP), said that about 400 debtors in good faith (a total of 2,600) will benefit with the total elimination of their obligations, the moment the law enters into force.

Unlike the original project submitted by the Executive, the new reform allows the recalculation of the not linked debts according to the amounts due.

The group of debtors of up to $ 100,000 will qualify for the elimination of interest on overdue payments, deadlines and court costs. While the ones who owe from $ 100 thousand to $ 2 million, must had paid 10% or do it immediately to get benefit.

Meanwhile, those who have debts of more than $ 2 million shall cancel 50% of the capital or pay within 180 days 35% of it.