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Croats Able To Go Into Debt Overseas

Croats will soon be able to go into debt abroad as lending markets open up with Croatia’s entry into the European Union earlier this month.

Croats not happy with lending interest rates at banks in Croatia will soon be able to take out loans and mortgages in banks in other European Union countries.

“Anybody can take out a loan in the Union, all that is required is the necessary documentation and paper work,” said the German Ambassador to Croatia Valentin Gescher to Tportal.hr, adding that Croatian companies will definitely be able to get credit in Germany if they are well-managed and have the correct documentation.

The Croatian Banks Association said that from 1 January 2011 Croatian citizens could apply for credit overseas and it was up to the banks criteria if they accepted the application or not. With 10 countries in the European Union already denying Croatian citizens access to work, it seems obtaining credit abroad without a job in reality will be almost impossible for Croats without businesses.

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