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New Statutory Default Interest Rate in Contractual Relationships of Civil Law

A debtor who fails to discharge his debt duly and timely is in default. If he fails to discharge it even within an additional reasonable period determined by the creditor, the creditor has the right to withdraw from the contract. In case the debtor is in default in payment of a monetary debt, the creditor is entitled to request that, in addition to payment of the debt, the debtor also pay a default interest at a rate 5 percentage points higher than the basic interest rate of the European Central Bank valid on the first day of the default in payment of the debt.