Zimbabwe: Succumbing to the debt trap

Zimbabwe's newspapers are filled with public notices for auctions as many other individuals and companies lose their property to banks and money-lenders after falling behind on loan repayments. The country's financial sector has enjoyed three years of economic growth following the adoption of multiple currencies in early 2009 and an end to a tumultuous trading period characterized by record inflation, bank closures and failures. Buoyed by phenomenal growth in deposits and a steady currency, many banks have introduced personal bank loans to attract new clients.