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Cyprus

Government calls on political parties to do the right thing over foreclosures and NPLs

Government spokesman Konstantinos Letymbiotis
Government spokesman Konstantinos Letymbiotis

The government has complete faith in the responsibility of all political parties to rise to the occasion and do the right thing in tackling foreclosures and non-performing loans (NPLS), government spokesman Konstantinos Letymbiotis said on Sunday.

He stressed the government was dealing with the bundle of measures submitted to parliament in a comprehensive and effective manner.

“The government, via the finance minister, sent a letter to parliament outlining the package measures that, the finance ministry, the central bank, and the government, believe can holistically and effectively tackle the issue of foreclosures and NPLs,” Letymbiotis said.

“Without a doubt this will protect vulnerable borrowers who cannot meet their obligations, not because of their own fault, but because of the high inflationary pressures and the economic crisis we have gone through.”

At the same time, it is important not to allow strategic defaulters to take advantage of any mechanisms aimed at helping vulnerable groups.

“This package of measures offers us the possibility to deal with this issue that has been plaguing us for almost a decades.”

The government trusts the responsibility of the political powers that they will weigh the consequences of their decisions and rise to the occasion, understanding that barring foreclosures in their entirety will reap many negative effects to the Cypriot economy, the spokesperson noted.

“We must ensure the credibility of Cyprus’ economy and our fiscal stability.”

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