PERSONAL DEBT ON THE RISE IN WALLIS AND FUTUNA

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Consumption is up while economy is down

MELBOURNE, Australia (Radio Australia, Mar 23, 2009) - In Wallis and Futuna, the number of people in debt is on the rise, as consumption increases despite the effects of the global economic downturn.

According to the Institute of Studies for the French overseas territories consumption increased by 2.6 percent in the last twelve months.

However, the same report notes that 416 people in the islands have had their banking privilege suspended - that's almost 60 more than the previous year.

The Institute's director, Raymond Coffre, is warning that they are predicting negative growth for 2009, and expect more people to find themselves in financial difficulty.

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