Foreclosures to be addressed with permanent solutions president says

Permanent solutions are expected to tackle the issue of foreclosures, President Nikos Christodoulides said on Sunday.

He explained that occasional initiatives and proposals make the situation even more difficult instead of helping address the issue.

“I am well aware of the problem that arises with the issue of foreclosures, it is on the table almost daily with the finance minister and with all the parliamentary parties, even with the Banking Association with the Central Bank.

“It is not an issue that lends itself to serve any expediency. It is a serious issue that requires permanent solutions,” the president told reporters from Lympia.

Asked about Akel’s intention, but also MPs of parties supporting the government, to amend the framework for foreclosures, Christodoulides responded that he is not aware of such an initiative.

“We are not playing with the economy. [We need] strict fiscal discipline,” he said.

Foreclosures will be addressed “only through solutions that will tackle this problem once and for all, and not through occasional initiatives that, instead of helping, make things even more difficult.”

In March, the House voted against another extension to a freeze on property repossessions, the majority of MPs deciding to give the new government some time to come up with its own proposals to assist distressed debtors.

The previous halt on foreclosures had already lapsed at the end of January – meaning that property repos have since legally resumed.