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Monday, January 30, 2012

American Banks Can Learn A lot From French Banks.

A 375-year-old French bank has decided to forgive the debts of its poorest customers, reports.

The Crédit Municipal de Paris, a Parisian institution that offers small, low-interest loans against inexpensive valuables, has announced a one-time cancelation of the debts of some 3,500 customers who owed the bank 150 euros (about $190) or less. The announcement marks the bank's 375th anniversary.

A PR stunt? Maybe. But that isn't stopping thousands of customers from celebrating an unexpected windfall.
"It was nice, I have recovered it all," Lina, a young mother, told Europe1. In May, Lina had borrowed 120 euros by pawning her jewelry.

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