Former Dutch Central Bank head Nout Wellink has voiced his dissent against the government for its reluctance to embrace "coronabonds," a common debt instrument designed to support embattled Eurozone economies in the wake of the coronavirus health crisis. In an interview on Monday with NPO Radio 1, Wellink expressed his support for the joint debt program in the European Union.
The municipality of Amsterdam is launching a new project with the aim of helping young people with their debts. In the project, called 'Young people debt-free start', the municipality will take over participating young people's debt. They will have to pay back the debts according to their means, with some amounts being scrapped if they make an effort to find work or start studying.
Minister Wopke Hoekstra of Finance believes that too many people in the Netherlands buy things on credit, and as a result an "unacceptably high" number of Dutch are in arrears on their payments. He is therefore giving online stores a year to improve this situation, or he will take measures himself, he wrote in a letter to parliament, the Telegraaf reports.
Banks in the Netherlands have joined the fight against problematic debts. From now on banks will refer customers who are regularly in the red to website Geldfit, where they can get help with managing their money problems. The same applies to customers who use up their savings quickly or miss payments on a bank loan, NOS reports.
Over 500 thousand Dutch households are dealing with serious financial troubles, according to Nibud. And while the number of people facing financial troubles is not decreasing, fewer and fewer people are asking for help. This is because the topic is still too "taboo", Nibud believes, RTL NIeuws reports.
The PvdA and ChristenUnie want a fund to be established for buying the debts of people with major financial problems. Currently people with problematic debts sometimes have dozens of collection agencies hounding them, according to the two parties. With such a fund, they will only have one creditor to deal with NOS reports.
Thirteen of the 30 major energy suppliers in the Netherlands have major debts, Consumentenbond concluded based on an analysis of their annual reports. The consumers' association therefore wants Minister Eric Wiebes of Economic Affairs to better protect consumers against the consequences of an energy supplier going bankrupt, NU.nl reports.
Thousands of Dutch households are struggling to keep up with healthcare costs and have ended up in serious financial problems as a result, RTL Nieuws reports based on its own research. Some people had to take desperate measures like selling their house, getting divorced or canceling holidays, according to the broadcaster.
A 43-year-old Albanian man was found dead in the Amsterdam-Rijnkanaal at Nigtevecht on Friday afternoon. The victim is Festin Lato, the president of the unrecognized republic of Chameria, a region on the border of Albania and Greece that has been fighting for independence for years, De Gelderlander reports based on reports in Albanian media and confirmation from two of Lato's friends.
28 percent of Dutch are not going on holiday this summer, compared to 25 percent last year. The vast majority of them say that vacation is simply too expensive, according to Nibud's annual survey on how Dutch spend their holiday pay, NU.nl reports.
Dutch are increasingly using their holiday pay to catch up on arrears or to pay off debts. Four years ago, 12 percent of Dutch spent their holiday pay in this way. Now that is 18 percent.
FC Twente is threatening to file for bankruptcy if the Enschede city council does not stand guarantee for 7 million euros, newspaper Tubantia reported on Thursday. There is not much political willingness to stand guarantee for more money for the football club, sources told the newspaper.
The debts of investors, home buyers, consumers, companies, and governments are rising to dangerously high levels world wide, Nout Wellink and Hans Hoogevorst warn in the Telegraaf.
Wellink and Hoogevorst were in charge of Dutch central bank DNB and Dutch authority on financial markets AFM respectively during the financial crisis that started in 2008.
According to the two financial experts, there is insufficient clarity on where the risks are, which means that markets could underestimate the rising deficits. They call te banking sector a particular cause of concern.
The national student loan debt is at its highest level ever, according to figures from education organization DUO. In total students and former students currently owe 17.6 billion euros to the state, compared to 12 billion euros five years ago, the Telegraaf reports.
On Wednesday student organization ISO launched a National Study Debt Meter to keep track of the increasing study debt. "The projected increase for the coming year is about 55 euros per second", ISO president Jan Sinnige said to the newspaper.
The number of personal bankruptcies dropped to its lowest level since 2000 in 2016, continuing the downward trend of the last three years, Statistics Netherlands said on Tuesday. Last year there were a 1,545 personal bankruptcies in the Netherlands, about a quarter less than in 2015 and 62 percent less than in 2013.
According to Statistics Netherlands, the decrease can be attributed to the fact that economic conditions in the Netherlands improved significantly since 2013.
The administrators working on fashion retailer MS Mode's finances are filing for bankruptcy for the company. The current situation is no longer tenable, the administrators said to NU.nl. Dismissal will be requested for the 660 employees working at the 130 MS Mode branches in the Netherlands.
A Zoetermeer family almost lost their cat in an auction. The family's possessions are being auctioned off on Wednesday because they did not pay their debts and the cat was listed as one of their assets. The cat was removed from the auction on Tuesday afternoon for unknown reasons
Government institutions need work more closely together when it comes to recovering outstanding debts from citizens. This should prevent an accumulation of debt claims increasing citizens' financial problems, State Secretary Jetta Klijnsma of Social Affairs and Employment wrote to Parliament on Tuesday.
Despite a few difficult years during and following the financial crisis, the Netherlands' national wealth continued to grow and is currently standing at a staggering 3.7 trillion euros, according to figures Statistics Netherlands released on Thursday. That is 3.7 with eleven zeros.
More than half of Amsterdam's young people are in debt, some even to such an extent that they cannot get out without assistance.
The International Monetary Fund believes that the Dutch tax system encourages the accumulation of debt and has advised the Dutch authorities to address the situation. According to the IMF, both Dutch businesses and individual consumers are guilty of borrowing too much.
Consultancy and service firm Royal Imtech N.V. formally entered bankruptcy protection on Thursday. The fate of part of the Gouda-based company's workforce, including 22,000 global employees, of which 2,700 are in the Netherlands, is not yet known.
The Greek Tourist Board criticized the Dutch travel agent association ANVR after advising tourists headed for Greece to take extra cash with them. The recommendation was made in case Greek banks are no longer able to replenish ATMs, either because of a national bankruptcy or because of a bank run.
Dutch economic performance is moving towards the forefront of the Eurozone, said Finance Minister Jeroen Dijsselbloem in response to positive statements from the central bank (DNB) essentially declaring an end to the economic crisis in the Netherlands. However, high levels of unemployment and outstanding household debt still remain large problems for society and the economy, the minister said in an interview with DFT.