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Nursultan Nazarbayev, President of Kazakhstan, has announced that he has no intention to write off mortgage debts

On August, 6, President, while speaking on TV, expressly announced that there would be no write-offs of the mortgage debts. The biggest owner of banks, through their relatives and people close to him, he shattered all the illusions about him being ‘’the kind Lord and wise Ruler’’, who is likely to lend his helping hand to everyone who found themselves in a predicament.

It is funny now to recall some events when the mortgage holders last year knelt in front of the Acorda residence in the City of Astana and chanted slavishly and pitifully: ‘’Nazarbayev, help!’’. On this background, a number of NGOs affiliated with the state authorities tried hard to depoliticize the protest movement of financially insolvent people and inculcate the idea of Wisdom of ‘’Elbasy’’ (informal title of Kazakh President), who is allegedly eager to run to people’s rescue and resolve all their problems.
In fact, this has turned to be a banal let– off of emotional ‘’steam’’, when everything has come down to primitive prayers and entreaties to Nazarbayev and Nur-Otan to save people and write off their debts, instead of waging a real struggle for nationalization of banks, building a wide front of social movements and protest oriented groups, as it was the case when the Kazakhstan 2012 Movement was built.
No wonder that the Leader of the Nation, being the greatest owner of capitals and property in the country, did not intend to do any writing-offs. The game is over, and it is time now to say: ‘’Finita la Comedia!’’. The Kazakh dictator and main owner of banks, as well as all the swindlers and shady dealers, all those who appealed for ‘’mercy’’ and ‘’kindness’’, have been unmasked.
This is what President Nazarbayev is quoted as saying:
‘’The issue our citizens are appealing to me over is that of write-offs of credit debts. When they were to borrow money, they probably never posed this question in this way. In this respect, the position should be clear and precise. A borrower should pay for his or her debts with his or her property or money. No freeloaders and dependents should be tolerated here. This is the general procedure. If someone fails to pay, then the personal bankruptcy procedure should apply as it is done in the entire civilized world. Everyone should understand that this’’ I borrow from you and you then write it off for me’’ won’t go. It’s like I borrow and then I won’t give it back, which is the same. How can the country and its economy work then if you borrow and then you don’t pay back your credits?’’.


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