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Slovaks willing to live in debt

SLOVAKS are increasingly willing to live in debt, as the latest statistics show a major increase in bank loans last year.

Slovaks borrowed Sk22 billion (€538.3 million) from commercial banks - nearly 40 percent more than in the previous year.

Analysts have warned, however, that the Slovak economy is not yet strong enough, so too much indebtedness could be dangerous.

Miroslav Šmál, an analyst with Poštová banka, said to the Slovak daily Pravda that the inability to pay back the loans would negatively affect the debtors as well as the banks.

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