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« Beware the Deadly Cello Scrotum | Main | What's good about the stimulus, and why i'm still not happy. »

Russians Know How to Collect on Debts

This is the most awesome thing i've read this week.

Russian bailiffs have recovered millions of rubles in debt from delinquent borrowers by barring them from travelling abroad until they pay up.

Government bailiffs said they had signed orders for 82,000 foreign travel bans and recovered almost 800 million roubles ($24.25 million) from debtors -- some of whom only found out when they arrived at the border with their bags packed.

...

"If someone can't keep up his payments on a $100,000 debt and then buys a package tour to Thailand ... that's not just illegal, it's immoral," he told a briefing in Moscow.

Russia has long been forced to use unusual measures to reclaim debts as its legal system often favours poorer borrowers over their lenders, said Richard Hainsworth, director of RusRating, a credit agency in Moscow.

Russian authorities have posted the names of people with unpaid bills on billboards in recent years to shame them into paying.

They posted people's names on billboards. That rewls. We should be posting the names, pictures, and home addresses of all the CEOs getting bonuses while the employees are laid off and the companies lose money.

By min | January 28, 2009, 11:29 AM | Ummm... Other?