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Cyprus

Final bill of insolvency package ready

Very few foreclosures have concerned primary residences

By Staff Reporter

THE last bill of the insolvency package is ready and it is in the hands of the Troika for scrutiny, Finance minister Harris Georgiades said on Wednesday.

Three bills form the package have already been tabled before the House, while the fourth will be presented after the House returns from its Christmas recess.

“The fifth is ready and had been sent to the parties and experts, but the last comments of the Troika remain, which I hope will come soon,” Georgiades said

He said that president Nicos Anastasiades referred the bill on foreclosures because the actions of the House did not benefit the whole process.

“On the contrary, there is a matter of undermining the credibility of the nation,” Georgiades said.

On Monday, it was announced that Anastasiades will veto the amendment voted by the House pushing implementation of tougher foreclosures legislation back by one month, to January 30.

According to sources cited by the Cyprus News Agency, after the deadline for the President to veto or sign the amendment into law expired on Tuesday, the Legal Services will prepare the letter to the House President setting out the rationale for the veto, at which point the House is constitutionally afforded 15 days to convene and decide on further debating the matter.

Besides stirring a political crisis domestically, the amendment tripped up the country’s economic adjustment programme, a reform agenda agreed with international creditors (European Union and International Monetary Fund) in mid-2013 in exchange for a €10bn emergency loan following a dramatic banking meltdown.



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