Cyprus Mail

Finance Minister expresses optimism for foreclosures & insolvency bills

Finance Minister Harris Georgiades

Finance Minister Harris Georgiades expressed on Sunday his optimism that the House of Representatives would pass the five bills pertaining to the insolvency framework and that it would allow for the implementation of a foreclosures legislation in the coming weeks.

In statements in Paphos Georgiades said that on Monday he will brief his colleagues at the Eurogroup that all five bills relating to the insolvency framework are now before Parliament and that discussions on most of them are at an advanced stage.

At the same time he expressed the opinion that in the coming weeks the whole matter will be resolved.

The Cypriot minister pointed out that it is an important and sensitive matter which as he explained regulates among others issues relating to the main residence of citizens whilst at the same time encouraging sustainable restructurings of loans.

When the matters of the foreclosures and the insolvency framework are finally resolved, Georgiades said, the review process of Cyprus’ implementation of its adjustment programme is expected to be completed very soon, maybe as soon as April, thus allowing the country`s full and effective participation to the extremely important ECB quantitative easing programme which starts on Monday.

Cyprus’ participation to the programme, he said, will decisively facilitate the restoration once and for all of its creditworthiness and will ultimately make unnecessary any dependence in the European support mechanism, the IMF while at the same time it will be a move which will boost economic activity.

Therefore, he concluded, there is an important prospect ahead to move forward by taking care of outstanding matters.


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