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Cyprus

MPs vote to delay foreclosures to March 19

PARLIAMENT on Thursday passed another law suspending the enforcement of foreclosures until March 19.

The vote was 30 for, 19 against, and one abstention.

The current suspension of foreclosures legislation was set to expire on March 2, with opposition MPs now extending that to March 19.

The reason cited for the extension was to allow time to study and pass the insolvency framework – a set of laws governing personal and corporate bankruptcy – which the opposition says will act as a safety net for distressed borrowers who have put up their homes and businesses as loan collateral.

The enactment of tougher foreclosures legislation was an obligation stemming from Cyprus’ bailout deal with international lenders. The legislation’s suspension has thrown off track the island’s adjustment programme.

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