Debt collectors seize calves as credit crunch takes hold

May 19th, 2009 - 10:25 pm ICT by IANS  

Kemerovo (Russia), May 19 (RIA Novosti) Officials here seized three five-month-old calves from the owner who had failed to repay his mounting debts.
Many Russians who took credit during the economic boom in the country are struggling to repay their loans amid rising unemployment, as the financial crisis continues.

“Bailiffs earlier seized the debtor’s household appliances. In an attempt to clear the outstanding credit, the debtor himself offered the calves which he had acquired recently,” Natalia Kinstler, spokesperson of the Kemerovo District Court, said Tuesday.

The 40-year-old man had outstanding debts of around 250,000 rubles ($7,800), she said. Each calf has an estimated value of 5,600 rubles ($175).

Tags: , , , , , , , , , , , , , , ,

Posted in Business |