President grants Saeima pass on Bankruptcy Law despite doubts

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President Andris Bērziņš promulgated the disputed Bankruptcy Law passed by Saeima in final reading last week amidst harsh banking sector criticism and warnings of severe slowdowns in an already anemic credit market.

In his letter to Saeima Speaker Ingrida Aboltiņa announcing his decision to sign the controversial bill into law, the former banker himself joined in warnings from his former colleagues in the financial sector to heed what the experts have been saying and pay close attention to how the law will play out in practice.

The President expressed concern that the real estate sector would remain at a virtual standstill in rural regions and provincial towns, while homebuilding and repair work would remain beyond reach for most families.

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