Final Word from Thursday, January 17, 2019

Since the CNB launched its creeping devaluation of the crown on Nov. 7, 2013, household debt has risen by 49%, to Kč 2.2 trillion, according to the Czech Banking Credit Bureau and Czech Non-banking Credit Bureau. Nearly 900,0000 people are now under a seizure order, causing The Guardian to report that the debt crisis could threaten Czech democracy. Czechs are world leaders in growth in personal debt, and PPF's Home Credit is trying to use its Czech expertise to conquer the Asian lending market. Soon after she arrived in Prague last summer, Indian Amb. Narinder Chauhan told Právo that few people know about the $150m that Home Credit has invested in areas in her country where no one had lent before. PM Andrej Babiš is now on a week-long trip to Asia, including India, but hasn't posted anything on Facebook about PPF's efforts there. It seems that he prefers to promote exports of Czech airplanes, military vehicles and firearms than Czech destitution. [ Czech Republic poverty consumer mortgage Czech National Bank Great Devaluation ]

Glossary of difficult words

destitution - poverty so extreme that one lacks the means to provide for oneself;

creeping - happening gradually (in this case due to the cap on the value of the crown vs. the euro);

expertise - expert skill or knowledge in a particular field.

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