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With the Latvian economy reeling from the effects of the global financial crisis, many people are turning to small money lenders to help them over hard times. Dutch daily NRC Handelsblad reports, that one such lender, Kontora, is offering loans of 70 to 700 euros to customers who agree to commit their souls as collateral. Under the terms of the Kontora agreement, if the money is not repaid within a period of 90 days, the debtor will then "renounce all rights to his or her immaterial, cognitive or immortal soul." The agreement also stipulates that the lender will not make use of any other means, legal or illegal, to recover unpaid loans. NRC notes that "the scheme may look like a joke, but it is serious business for company founder Viktor Mirosjenko," who already has 200 customers. The daily also adds that it is now "virtually impossible" for Latvians to borrow from more traditional lenders, because "wages are falling, and the country has the second highest unemployment rate in the EU."
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