Foreign currency loans? Studies, essays, polemical treatises on the ’special banking product’

Through the studies included in the book on Foreign currency loans? Studies, essays, polemical treatises on the ’special banking product’ the readers may get an insight in that ’special banking product’ which is labelled ’foreign currency denominated borrowing’ and receive information on the history, legal background, typical practice and tragic consequences of the phenomena  which caused horrific financial and existencial troubles all around the world (lately in many EU-member Western, Central and Southeastern European countries).

The book is a result of large-scale international cooperation. The objective of the authors was to assist in shaping a more sophisticated and nuanced picture related to ’foreign currency denominated borrowing’; the real and objective social orientation; to generate a discussion forum for calm and deliberate dialogues and constructive social and professional debates, and for the consensus-based quest for common solutions.

The authors’ initiative is unique in its kind as the studies in this book may also be regarded as preparatory studies focusing on certain research fields, and may serve as a starting point for a large-scale, empirical comparative cross-national sociological research program which would examine and analyse the establishment, practice, social consequences, and potential prospective social impacts of ’foreign currency denominated borrowing’ both in Hungary and all around the world.

The team of authors of the published inter- and multidisciplinary analyis consisted of many legal experts (between them two former judges of the Slovenian Constitutional Court, one former judge of the European Court of Human Rights, and one member of the the Venice Commission, plus several internationally highly respected barristers), plus economists, financial experts, university professors, lecturers, researchers; journalist, political scientist, sociologist – and several committed representatives of civil organisations.

The authors do sincerely hope that their different approaches, perspectives and viewpoints further enrich and clarify the contradictory image which was established in all around the world (e.g. from Australia to Iceland, from Spain and France to Bulgaria, from Slovakia, Hungary and Romania to Slovenia and Greece) on the ’special financial product’ sold as ’foreign currency denominated borrowing’ – and later on turned into a source of serious financial and existential troubles for hundreds of thousands of citizens and their families e.g. in Hungary.

The editor – Zoltan Laszlo Kiss (Hungary)

Zoltan Laszlo Kiss et al. (2018) Foreign currency loans? Studies, essays, polemical treatises on the ’special banking product’. Budapest (Hungary): Rejtjel Publishing House. ISBN 978-615-5737-02-2

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