Thousands of Croatians with loans denominated in Swiss francs took to the streets of Zagreb Sunday to protest the increased debt burden caused by a surge in the Swiss currency. The police estimated that up to 10,000 people took part in the protest by demonstrators accusing the Croatian government and central bank of failing to protect borrowers.
Franak, the association of borrowers behind the protest, also called for the resignation of Central Bank governor Boris Vujcic. Swiss franc loans became popular in several central European countries in the 2000s, when interest rates on the currency were low. Around 60,000 Croatians, who still have such loans, have seen their borrowing costs soar since Switzerland in January lifted a three-year cap on its currency, causing it to soar.
The protestors marched on Zagreb central square, where they split into two groups - one heading to government buildings and the other to the central bank offices. "Thieves, thieves!", demonstrators outside the central bank chanted. Many protesters carried banners bearing slogans such as "Against loan sharks! We want our dignity back!" and "Stop debt slavery!"
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