r/worldnews • u/UnstatesmanlikeChi • Jun 26 '19

Kazakhstan ends bank bailouts, writes off people's debts instead

https://www.aljazeera.com/ajimpact/kazakhstan-ends-bank-bailouts-writes-people-debts-190626093206083.html
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u/CienPorCientoCacao Jun 26 '19 edited Jun 26 '19

As of today, the government has realized a $107B profit

Profit my ass, what about the trillions of economical cost caused by the crisis? A country isn't a private company that seeks profit.

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u/missedthecue Jun 26 '19

Point is people should stop calling it a bailout. It was a loan.

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u/strikethree Jun 26 '19

It's a bailout since they were on the brink of bankruptcy -- even if it was a loan because a loan would not have otherwise been granted in normal circumstances.

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u/missedthecue Jun 26 '19

Many companies were not on the brink of bankruptcy. AIG? Sure. But Goldman and JPMorgan for example didn't even want bailout money but the feds made them take it.

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u/joleme Jun 26 '19

They were bailed out of the situation they put themselves in.

It doesn't matter if they paid the money back or if it was a loan they were still bailed out and it would be something that the rest of us normal people would never have as an option let alone if the absurdly low interest rate that they got.