Econ ministry only working on idea of debt buyout by individuals

MOSCOW, Aug 30 (PRIME) -- Russia’s Economic Development Ministry is merely working on the idea of allowing people to buy out their overdue debt from banks, and there is no relevant bill prepared yet, a spokesperson for the ministry told PRIME on Friday.

Business daily Kommersant reported earlier on Friday that the ministry had prepared a bill obliging banks to offer an option to borrowers to buy out their debt at a price equal to the price of a debt assignment deal before transferring the debt to a third party.

“Proposals on giving people the option to buy out overdue debts from banks on a priority basis are merely being worked out by the Economic Development Ministry in the regular course of work,” the person said.

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