Cyprus Mail
Cyprus

President urges parties to consider the consequences of their actions

President Nicos Anastasiades

By staff reporter

President Nicos Anastasiades urged opposition MPs on Thursday to consider the potentially negative consequences of their insistence on passing foreclosures-related legislation that was considered incompatible with the terms of the island’s bailout.

The president expressed hope that a sense of responsibility will prevail and the potentially negative consequences of the parties’ insistence would be taken into account.

“Insistence on certain initial views will not help what we are seeking to do, that is, to help the Cypriot economy in general,” he said, adding that people have made efforts and sacrifices in a bid to restart the economy.

In a speech on Wednesday night, Anastasiades said the government aimed at disengaging from the adjustment programme earlier than 2016.

However, the parliament’s actions could be the reason Cyprus misses this target.

Parliament is poised to approve two bills that Anastasiades had refused to sign and sent back to them.

They concern the right of borrowers to report a bank to the Central Bank governor if they think the lender violates the code on loan restructuring, and the Central Bank’s authority to step in and stop mass foreclosures.

The president said the provisions were included in other legislation and though the bills did not appear to raise any constitutional issues, sending them back was dictated by national interest.

The president had also referred four other foreclosures-related bills passed by parliament to the Supreme Court, which has the final say over their legitimacy.

Parliament did pass the main foreclosures law but the opposition’s insistence to approve the six bills —  placing significant restrictions on its effectiveness — prompted international lenders to withhold the next tranche of financial assistance until Cyprus complied.

 

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