Friday, March 27, 2009

Mexican Banks slated by Church:Banks Blamed with pushing forward the recession

(Social Justice South Africa; c.f. AP (Secular; American; Independent) 26 / 03 / 2009; Reuters (Secular; Independent; British) 26 / 03 / 2009; Bloomberg (American; Independent; Secular) 26 / 03 / 2009)

Article by Marc Aupiais

Mexico: is expected to take a stance against high interest rates on credit cards: used by Mexican banks:

Reporting on the possibility that Mexico will create a forced cut-off point of 33% interest on credit card purchases: the AP: has noted that the Catholic church, is among those apposing high rates in Mexico: gained by banks over credit cards: the quotation came from December, several month ago:

AP quotes the: Archdiocese of México, which is currently under the care of: Cardianl: Norberto Rivera Carrera:

""Banks are acting with irresponsible voracity, demanding extremely high interest rates which in the end, people won't be able to pay," the Catholic Archdiocese of Mexico said in December. Banks' "insatiable greed" is speeding an economic crisis that may spark social unrest, the Church warned."
(AP (Secular; American; Independent) 26 / 03 / 2009)

The Catholic understanding of the biblical ban on "Usury": is thought in modern times: to refer not to banking as it was once seen to refer to: in a time where all banking could have been seen as Usurious, but rather to unfairly extravagant interest rates.

The measures have already passed through two senate committees: and voting there suggests that they are likely to pass into Mexican law, when the full senate votes on them. The "Credit Crunch"/"Financial Crisis"/ Recent "Recession", has particularly hit many developing countries.

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