Side Story: All hail king zogu
side story
All hail king Zogu
flag of kingdom of albania(1997-)
All hail king Zogu
flag of kingdom of albania(1997-)
While Korea was dealing with financial crisis, in the other side of the eastern hemisphere, a country was handling with its own problems—a civil war due to a Pyramid scheme, which destroyed said nation’s economy. That country was Albania.
Shortly after collapse of communist regime in 1991, the country of Albania was new to capitalism. On reaction to this, the companies like Sudja and Populli started to make payments to old investors using money from new investors. This was basically a Ponzi scheme. But this wasn’t criticized initially due to a banking law, which didn’t say that National bank can supervise market banks. After the scheme collapsed in January 1997, the economic crisis struck Albania, which resulted in protests against the Democratic Party, which was the ruling party of Albania since 1996.
After, Prime Minister Alexander Meksi’s resignation, the Government declared state of emergency. Many looted the weapons from armories, and insurgents begin to rise, while half of Albania fell under rebels. President Berisha promised the election before june 1997.
However, the elections were not enough for people, as they realized that the republic lost its trust. In this process, Leka Zogu, one of the leaders of the protest, proposed an referendum: the restoration of Monarchy, with house of Zogu as its royal family.
Leka Zogu, King of Albania(1997-)
By this time, the people wanted change, so they accepted the proposal for an referendum, and it would be scheduled for June 27, 1997, alongside the parliamentary elections.
the results of the referendum.
As the results, the proposal was accepted with 68% voting for it, and the house of Zogu was restored, with Leka becoming King Leka I.
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