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Cyprus

Anastasiades sends foreclosures suspension law back to House

President Nicos Anastasiades has vetoed the parliament’s decision to suspend implementation of tougher foreclosures legislation until March 2, and asked the legislature to heed his call and accept the veto, it emerged on Wednesday.

The veto, dated February 10h, followed an unofficial visit by the Troika’s Cyprus mission heads last week, during which the Cyprus government made the case that the economy is on the path to recovery.

But a joint statement issued by the three bodies – EU, ECB, and IMF – following the departure of the delegates said that unless foreclosure legislation was fully implemented, a proper review cannot be conducted, and, consequently, no further bailout loan tranches can be released.

Anastasiades reminded deputies that passing the foreclosures bill in December 2014 facilitated the release of €350 million of bailout money from the European Union, but the ensuing suspension froze the release of a further €85 million from the International Monetary Fund.

He added that suspending implementation of the foreclosures law hurts the country’s credibility, and noted that foreclosures cannot be completed at this point since the relevant regulations have not been voted.

 

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