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Estonia proposes debt protection laws

21.04.2010

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The Estonian parliament has proposed a new debt protection law to help families struggling to pay mortgages and other loans.

According to the Baltic Course, the legislation will be discussed among politicians in the country this week.

Legal committee chairman Ken-Marti Vaher said: "The aim of the law is to protect families who … have temporarily payment problems but who want to come out of it by restructuring debts and avoiding bankruptcy."

He said the latter option is not in the interests or debtors or creditors, and is also "not fit for a European state of law".

If the legislation is passed, it could aid Estonia's economic recovery as it looks to rebuild growth and leave the recession behind.

Earlier this month, Andres Kuningas, an Estonian finance ministry official, said the country was increasing its forecast for growth in 2010 to one per cent thanks to an improved economic outlook.

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