Pyramid schemes in Albania in the context of Albanian Rebellion of 1997


Pyramid schemes in Albania in the context of Albanian Rebellion of 1997
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👉 Pyramid schemes in Albania in the context of Albanian Rebellion of 1997

In 1997, Albania experienced widespread civil unrest due to economic problems caused by the collapse of pyramid schemes. The large sums of money siphoned from the government to fund these schemes led to the collapse of the Democratic Party's government in January 1997. The conflict, which lasted until August 1997, resulted in the deaths of more than 2,000 people and the establishment of a new government as revolutionaries surrounded Tirana. Various sources also describe the ensuing violence as a rebellion or even 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 people launched daily protests demanding reimbursement from the government, which they believed had profited from the schemes. On 1 March, Prime Minister Aleksandër Meksi resigned, and on 2 March, President Sali Berisha declared a state of emergency.

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