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Dear Editors,
I was surprised to read a statement made by Justice
Menbretsehay Tadesse, vice president of the Federal
Supreme Court, that “mortgage is a form of guarantee
denied a guarantee” when he presented at the
Sheraton Addis. I was even more surprised by your
photo caption on the front page headlined, “A New
Level of Thinking”, [Volume 8, Number 370, June 3,
2007].
I am sorry for the damage caused to the growth of
national entrepreneurs in this country due to
ignorant measures taken by the government and its
polices, if not misguided views disseminated by
elite bureaucrats.
Where were the elite when the issue of foreclosure
was debated in Parliament a few years ago?
The state chose to close its ears and passed a
legislation which is one of the worst laws
implemented in this country, despite appeals from
the business community.
The main issue is not how to handle mortgage. Those
who are educated at the expense of the poor should
come to their senses and challenge the laws of
foreclosure which empowered banks to deprive the
right of citizens. They should also have a look at
other countries’ experience on how a business entity
is closed due to non-performance loans.
If anyone who thinks that the government is really
devoted to the growth of national entrepreneurs, new
findings should be discussed with the business
community, not with those who have a conflict of
interest with the issue.
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