Bankruptcy Sword of Damocles

Gavel Elections were held, and the problem does not only remain, but also seems to intensify. The orangeteam, moving out from the apartment called Ukraine, leaving her in dire economic state. External public debt multibillion many more years will hang over generations of citizens. But as they say, self comes first. Therefore, ordinary people think primarily about their personal debt.

And for many of our fellow citizens who have taken loans, this shirt, once under the influence of such generous banks, has become a jersey, and here and there and got to creditors trousers.

The fact that the credit boomassociated with the influx of foreign investment in the banking business in 2005, has become one of the most painful problems of the crisis in Ukraine, a lot has been written. However, such a level nobody expected - according to unofficial information collection companies, the total bad debts Ukrainians loans of 40 billion hryvnia. Official figures are somewhat more modest, but nevertheless constitute a very substantial sum - 22.6 billion hryvnia. And it is - on the background of permanent inflation and mass unemployment. Our fellow citizens began to go sideways expensive cars and new apartments purchased in debt without the first payment under the income unconfirmed.

The concept of financial debt probably arose in the early days of human civilization. Since then, lenders have always found not only new ways of borrowing money, but also new methods for their removal from the unfortunate debtor.

In the fourth millennium BC in Mesopotamia debtors who have not returned on time creditors money or goods (including food) to go into the service of the lenders. They can be used on almost all - including, and most dangerous - jobs. Testing of debt could last a long time or even for life. However, debtors slaves were forbidden to resell the other owners.

In ancient India debtors punished more original: the lender could board up the door of the house a man who did not return to him busy. This procedure was designed to punish the debtor by means of public opinion and force him to return to duty. If the lender dies before repayment, outraged neighbors could beat the debtor and even beat him to death. In ancient Egypt were widespread religious rituals that were supposed to ensure a calm passage of the soul of the deceased in the kingdom of the dead. As collateral, the debtors could offer tomb recently deceased relative: if the debtor appears not able to repay the loan, the lender has the right to withdraw the mummy tomb of a relative and close it to prevent new burials. The debtor was in a terrible situation: finding out mummy tombs led to the fact that the soul of his deceased relative could not find peace.

Monotheistic religions - Judaism, Islam and Christianity - in one form or another to restrict the practice of issuing loans. In the Book of Proverbs (Old Testament) is the following phrase: The rich rules over the poor, and the borrower is servant to the lender.According to the canons of Judaism, recorded in the Torah, every 50th year between Jews zeroed debts and debt slaves obtained freedom. And Islam and to this day forbids charging interest on loans. Debt slavery existed in various forms in different cultures and continues to exist to this day. In the Americas, it is known as peonage.For example, in Peru the 19th century - early 20th century peasant debtor (peon) had to work by the lender (usually the landowner), at least three days a week in exchange for a nominal fee. He had no right to leave his village without special permission.

World Labour Organisation indicates that debt slavery continues to exist today in India, Pakistan, China and many countries in Africa and Latin America. For example, in Niger, this practice was declared illegal only in 2003 - at that time to 8protsentov population was in debt slavery, in many cases, and grandchildren continued to fulfill debts made ??by their grandfathers and great-grandfathers. In India, 40 million people are in this kind of dependence. Often enough luck debtors went to jail. In the U.S., this practice was abolished at the federal level only in 1833, in the British Empire - in 1869 (however, the debtor could be sloppy sentenced to imprisonment for up to six weeks). Little known that the modern American state of Georgia was originally created, including for the purpose of migration to these lands insolvent debtors from English debtors prisons.

In medieval Russia squeezing the traditional way - in the literal sense of the word - debt is such unpleasant procedure for the debtor as pravezh. The accused was tied to a pole in the marketplace and beaten with sticks on the calves of legs as long as he did not agree to repay the debt. Such debt collection process could take a long time since there was a major constraint resistance subjected execution. Duration pravezh depended on the desired amount of debt. Usually for $100 to put on pravezh month. The object of execution was as the defendant himself or his surety, or dependent on the defendant people (peasants and serfs).

The main form of punishment at fault borrowers in modern times was the debtors prison. In Russia it has been known since time immemorial, and lasted until 1917. Its inhabitants were, including celebrities. For example, a well-known literary critic and poet Apollon Grigoriev (1822-1864) at one time been in this dark place, and repeatedly, once in 1861 and twice in 1864. Famous chronicler of Moscow Vladimir Giljarovsky (1853-1935) described the debtors prison as a place whose inhabitants sympathized even his bodyguards. Moreover, there was way too much sophisticated torture of prisoners debtors prison (pit) by creditors. Since prisoners were kept by his accusers, then there are situations where the last stopped paying their content and are happy to return home. However, this joy was premature. Once the debtor has applied for a job and start to earn income, he was again placed into the space not so distant as the prison administration has received funds for its continued maintenance.

Well-known softerway of avoiding debt is using bankruptcy lawyers. In a number of conditions, lenders are forced to abandon the collection of debts. Place and exact time of occurrence of this funding mechanism is still the subject of dispute among historians. Curiously the following: in the Yasa (Code of Laws) of Genghis Khan contained a provision under which the death penalty was punished three times bankruptcy.

Insolvent debtors were many famous personalities. For example, a life spent in debt painter Rembrandt, composers Mozart and Vivaldi, writers Oscar Wilde and Frank Baum (author of the famous fairy tale The Wizard of Oz - is a fundamental principle of Wizard of Oz). Among the debtors celebrities were legendary entrepreneurs - for example, Milton Hershey (creator still existing confectionery giant Hersheys), Walt Disney (the great cartoonist, later founded the eponymous and existing today the company), William Fox (the creator of the famed film studio 20th Century Fox Film Corporation) John Heinz (later founded the still existing company ketchup) and others. Financial difficulties were familiar and some U.S. presidents. So, once the bankrupt firm, which is owned by Harry Truman - he spent a lot of years to repay debts to all affected shareholders and creditors. At Abraham Lincoln by the court were confiscated tools that were sold to cover his debts. After leaving the White House Ulysses S. Grant became the co-founder of the bank, which subsequently burst. To pay off debt, Grant sold all his possessions. Thomas Jeffersons death saved from disgrace - he owed more than $10,000 (an enormous sum at the beginning of the 19th century) after his death, his property went under the hammer.