Burjanadze Nino » Taxation and credit

Should commercial banks be able to confiscate real estate (dwelling) property if the person is unable to repay the credit? Why?

The former government used to terrorize businesses, deprive people of private property, which, in most cases, was purchased with bank loans; officials seized private businesses and extorted millions of Lari (GEL) from their own citizens upon plea bargains on a massive scale.

Neither the new government has done anything in 11 months to solve the mortgage problem. Georgian banks continue to evict the population and throw it out to the street in exchange for a loan. When a lady in Spain had committed suicide because of the eviction, Spanish banks held a special discussion and the Association of Banks has decided that all banks in the country stop the evictions for 2 years and postponed the debt repayments.

But the Georgian government, the National Bank and the Association of Banks observe these processes from afar. We surely know that the banking sector is very important, however, it is unfair when some of the bank's senior officials in Georgia receive more than 13 thousand GEL per day.

We do not think that the state should cover its citizens’ personal debts - these people do not ask for it - they ask for the postponement of their debts, interest rate reduction, they do not ask for waiving or writing off the debts.

We believe that a compromising and pragmatic decision must be made in any case, which, on the one hand, would not cause a collapse of the banking system, and, on the other hand, would allow the people to keep their own homes and manage to pay the debts.

I promised the affected people that I would voice their problem and bring their voice to the government. I do not know, whether Georgian government is hearing this statement or not, but, as I promised the people, I declare it publicly again: this issue will be necessarily reflected in my presidential program, and from the first day of my presidency I will do everything to ensure that the part of the population that is left homeless to date, is not added up with new homeless, socially unprotected and unhappy people.

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