Cyprus Mail
Cyprus

Kyprianou appeals to EU over foreclosures

By George Psyllides

THE leader of main opposition AKEL has written a letter to EU officials calling for a political initiative at a European level to secure Cyprus’ economic and social fiber and the right to housing.

The letter, addressed to the president of the Commission, the European Council, the EU Parliament, and political groups, reiterates the party’s claim that the foreclosures law will lead to mass and swift repossessions of properties mainly belonging to small borrowers leading to higher unemployment and more homeless people.

“Mass foreclosures would also lead to a reduction in property prices that will cause further problems to the banking sector,” Kyprianou added.

The AKEL leader expressed certainty that the foreclosures bill, without additional bills that guarantee protection, will cause irreparable damage to the social fiber and hurt cohesion.

Kyprianou also suggested that a drop in property prices would also affect the Cyprus problem negotiations.

“The Cypriot people cannot take another raid on their basic needs, which would render their families homeless in a bid to enforce the demands of the troika that aim exclusively at serving the banking sector,” Kyprianou said.

He repeated that the law would deeply undermine real estate prices, suggesting that it could cut them by half.

“We appeal to you with the request that you embark on a political initiative at a European level to secure Cyprus’ economic and social fiber and the right to housing, especially in the conditions of the current crisis,” Kyprianou said.

The leader of AKEL added that no impact study had been carried out to measure the effects of enforcing such a law.

“We are certain that the Republic of Cyprus can meet is obligations fully without impoverishing a large section of our people,” Kyprianou said.

 

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