Just as France was being chastised for excessive national borrowing with a sovereign debt downgrade, thousands of lucky French people had their financial obligations forgiven after the country's oldest bank decided to simply wipe their slate clean. Granted, it's a small slate. The 3,500 clients who benefitted from the bank’s largesse had debts of 150 euros or less (about $190) with the Crédit Municipal de Paris, also known as the "Mont-de-piété," the bank of the poor, which has for centuries allowed the needy to get loans against their valuables—a kind of ethical pawnshop, or the original microlender. The small kindness was welcome for many.
"I'm very happy, it's the first time I get something for nothing," said Geneviève, an elegant woman in her fifties who was at the bank to get back a gold coin and a small wedding band she had pawned three years ago. "There came a point when I needed money. They're not worth much but they're important to me."
The unexpected gift is a way for the bank to celebrate its 375th anniversary. The Crédit Municipal de Paris was created in 1637 by Théophraste Renaudot, a doctor, journalist and philanthropist who wanted to combat poverty by giving the needy access to fair banking.
"The goal was to combat usury...
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