Problematic Loans
PiS and the Poles’ Franc Debts
Deutsche Fassung
Abstract
Real estate loans in Swiss francs were very popular in East Central Europe. Around 700,000 such loans were granted in Poland alone. The financial crisis in 2008-09 led to an appreciation of the franc. Many Polish borrowers with franc debt, the “frankowicze”, soon found it difficult to make their payments. The Swiss National Bank’s decision to abandon the franc’s linkage to the euro set off panic among those affected. During election campaigning, the party Law and Justice (PiS) promised to solve the problem of franc loans. Since only a minority of frankowicze are PiS supporters and represent a relatively wealthy part of Polish society, the attempt to solve this problem is a politically delicate matter for PiS.
(Osteuropa 6-7/2016, pp. 95–108)