The Collapse of Financial Pyramids in Albania – Chaos, Death, and Loss of Savings
After the death of dictator Enver Hoxha and the fall of the communist regime in 1991, Albania entered a new era - of democracy and free market. However, society, inexperienced in capitalist economics, became an easy target for fraudsters. By the mid-90s, financial pyramids began popping up like mushrooms - companies offering investments with unrealistically high interest rates, often reaching up to 100% in a short time.