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Pyramid Schemes In Albania
The 1997 rebellion was caused by the failure of multiple pyramid schemes. The collapse of these schemes caused many Albanians to lose much of their money and property, resulting in widespread protests across Albania, which eventually led to a situation of civil war. Firms bankrupted The unrest of the year 1997 came as a consequence of the bankruptcy of some 25 firms. The face value of the schemes' liabilities totaled $1.2 billion. ''Sudja'' was established in 1993 by Maksude Kadëna, also known as Sudja, who had worked in a shoe factory. Strangely, when Sudja was arrested, she was living in a dilapidated apartment complex. The collapse triggered several protests in Tirana, which was also its area of operation. ''Vefa Holding'' was the main pyramid firm. It was created in 1994 by Vehbi Alimuça and spread across the country. Vefa invested in various fields of the economy such as hotels, fuel, stores and factories. Best known is the bomb attack a few weeks before the election ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Albanian Civil War
The Albanian Civil War in 1997 was sparked by pyramid scheme failures in Albania soon after its transition to a market economy. The government was toppled and more than 2,000 people were killed. Various other sources also describe the violence that ensued as a rebellion, or a rebellion that gradually escalated into a civil war. By January 1997, Albanian citizens, who had lost a total of $1.2 billion, took their protest to the streets. Beginning in February, thousands of citizens launched daily protests demanding reimbursement by the government, which they believed was profiting from the schemes. On 1 March, Prime Minister Aleksandër Meksi resigned and on 2 March, President Sali Berisha declared a state of emergency. On 11 March the Socialist Party of Albania won a major victory when its leader, Bashkim Fino, was appointed prime minister. However, the transfer of power did not halt the unrest, and protests spread to northern Albania. Although the government quelled revolts i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pyramid Scheme
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal. Pyramid schemes have existed for at least a century in different guises. Some multi-level marketing plans have been classified as pyramid schemes. Concept and basic models In a pyramid scheme, an organization compels individuals who wish to join to make a payment. In exchange, the organization promises its new members a share of the money taken from every additional member that they recruit. The directors of the organization (those at the top of the pyramid) also receive a share of these payments. For the directors, the scheme is potentially lucrative—whether or not they do any work, the organization's membership has a strong ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Montevideo
Montevideo () is the Capital city, capital and List of cities in Uruguay, largest city of Uruguay. According to the 2011 census, the city proper has a population of 1,319,108 (about one-third of the country's total population) in an area of . Montevideo is situated on the southern coast of the country, on the northeastern bank of the Río de la Plata. The city was established in 1724 by a Spanish soldier, Bruno Mauricio de Zabala, as a strategic move amidst the Spanish people, Spanish-Portuguese people, Portuguese dispute over the La Plata Basin, platine region. It was also under brief British invasions of the Río de la Plata, British rule in 1807, but eventually the city was retaken by Spanish criollos who defeated the British invasions of the River Plate. Montevideo is the seat of the administrative headquarters of Mercosur and ALADI, Latin America's leading trade blocs, a position that entailed comparisons to the role of Brussels in Europe. The 2019 Mercer's report on qual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1997 In Albania
The Albanian Civil War in 1997 was sparked by pyramid scheme failures in Albania soon after its transition to a market economy. The government was toppled and more than 2,000 people were killed. Various other sources also describe the violence that ensued as a rebellion, or a rebellion that gradually escalated into a civil war. By January 1997, Albanian citizens, who had lost a total of $1.2 billion, took their protest to the streets. Beginning in February, thousands of citizens launched daily protests demanding reimbursement by the government, which they believed was profiting from the schemes. On 1 March, Prime Minister Aleksandër Meksi resigned and on 2 March, President Sali Berisha declared a state of emergency. On 11 March the Socialist Party of Albania won a major victory when its leader, Bashkim Fino, was appointed prime minister. However, the transfer of power did not halt the unrest, and protests spread to northern Albania. Although the government quelled revolts i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
