Wave of detentions in many districts
The parties sit down at one table. PD and PS cannot make peace
Urgent meeting at the Prosecutor’s Office: “Expedite the investigations” PS leader in Vlorë detained
On pages 3–4
Shehu accuses the socialists: “They started the fires.” Balli calls for Meksi’s resignation
On pages 4–5
The inflation challenge over the ruins of the pyramid schemes: Should the money be paid back?
Andrea Stefani
While the storm of protests over the usury schemes—which included a mass movement demanding the return of lost money—is subsiding, a new storm is rising over the pyramid-scheme ruins: the storm of inflation. There are only a few days left until February 5—when the return of money from the Populli and Xhaferri foundations is expected to begin at bank counters—and it is becoming increasingly difficult to buy foreign currency on the Albanian exchange market. In just the last two days, the local currency has depreciated considerably against the US dollar, and its exchange rate has likewise fallen against other currencies. All this sets the trap of inflation and powerful popular protests. The government has resolved the dilemma by agreeing to quickly return to citizens, in dollars, an enormous amount of lekë, almost equivalent to 300 million dollars. But nothing is yet known about the measures that will be taken to prevent this flood of money from disrupting circulation channels and causing inflation to spill out of control.
All this [??] the “usury” business and casts the Albanian concern into degeneration and into an alternative to strict order and the perceptions of the mass of people, or the more important danger to rationality surrounding this issue, but the government’s exact position. Years ago, when the pyramid schemes were just emerging—and later, as they grew into dinosaurs—there were few declarations by the governor of the Bank of Albania and government figures suggesting that if this trend became unstoppable, swelling clients’ pockets with this mountain of banknotes in a short time, it would generate inflation devastating to everyone. Alongside the increase in the amount of money outside the banks, there is also the psychology of inflationary expectations, already formed in public opinion; these declarations themselves would make price rises inevitable. The considerable depreciation of the lek against foreign currencies would be reflected in the higher cost of imported goods and rising prices in the market. Opposing this reasoning is the legitimate, but [??] (like any anger), anger of hundreds of thousands of people who are demanding the prompt return of their lost money. And can you tell them “no”? We can only hope that this time the Government will not say “no” to logic.
But can points of contact be found in such situations between people’s immediate interests and their more distant interests, which should be represented by the Government, through practice and courage? Has it been confronted with antagonism? It seems extremely difficult to escape such financial traps with as few losses as possible without a middle-ground solution. People must get their money back, but humanity must not take on the burden of financial awareness because of runaway inflation that may follow...
This is the second time that the business of the “firms” and the words of Albanians? [text cut off and partly illegible] ... a bank ...
[Partial text, mostly illegible] The pyramid schemes have caused and turned a family’s hopes of finding something better into tragedy. M. N., 50 years old, from Fier, a driver by profession, had ... P. re.
Urgent meeting at the Prosecutor’s Office: “Expedite the investigations” PS leader in Vlorë detained. Shehu accuses the socialists: “They started the fires.” Balli calls for Meksi’s resignation.
The collapse of the usury schemes kills a father
Lost his home and his son’s money
FIER - He lost his home, the money from the sale of the family car, and all the savings of his son, an emigrant in Greece, and decided to take revenge on himself. A beehive [??] suddenly, at a corner, and stabbed both of the kitchen boys [??] with their eyes left open [??] was the decision that M. N., 50, made before tying a rope and hanging himself after the [??]. He [??] his son’s clothes [??]; in a letter he wrote down the reasons that drove him to commit this tragedy, and, as it happened, the tragedy took place. It could have been followed by another tragedy: his young daughter had just returned from school, found her father’s body, and tried to throw herself from the fifth-floor balcony of the ill-fated home.
The intervention of neighbors kept her alive.
The usury schemes have destroyed and turned into tragedy a family’s hopes of living well. M. N., 50, from Fier, a driver by profession, had sold his home and deposited all the money from the house with the Gjalli company; he also sold his car and this time had chosen the Xhaferri foundation in his city. Meanwhile, he had rented an apartment, expecting his money to multiply. But the initial [??] were enough, and the major bankruptcy of the Gjallica company pushed him to the brink of despair. His 24-year-old son, who had been working as an emigrant in Greece for four years, had not yet returned to settle down with a job. His rental contract ended at the end of February, and suddenly he found himself unable to secure the coming months’ rent for the home. Three days earlier, his [??] had stopped another desperate suicide attempt: the victim had been seen banging his head against a wall, cursing himself for losing the money. But yesterday morning he and his only [??] took the fatal step. He had put on his best clothes, which he had ironed himself, and, after writing a farewell letter, climbed onto the chair...
Help from the world for the pyramid crisis?
LUSHNJE
The city awaits February 5
On page 3
STRASBOURG
Albanian usury schemes at the Council of Europe
On page 2
TIRANA - The International Monetary Fund has offered its assistance to the Albanian Government to help it emerge from the dramatic financial crisis caused by the collapse of the pyramid schemes, in which a large part of the population is involved.
On page 2
Lushnje; Leni Fisher
Cardinal Kolqi dies
SHKODËR — He was crossing the threshold of the same...
SHKODËR — He was crossing the threshold of the same ... [partial text]
The first Albanian Cardinal Kolqi had gradually begun to take on the dimensions of a living infant. And while his ... reminded many Albanians ... In the years ... Koliqi ... Shkodra ...
[Context of the second column:] ... bent under the weight of suffering, at the moment when Pope John Paul II was already blessing him as a cardinal, [they] were spreading throughout the world. Parma, but more so in Italy, and at least teplaku ...
... P. le.
THE USURY SCANDAL
/ Day after day, the Albanian political scene heats up. Berisha in the square. PS: “We will continue the protests”