Estia beneficiaries should not worry about eviction, says Averof
Borrowers with non-performing loans (NPLs) with a mortgage on their primary residence, the value of which does not exceed €350,000, should not worry about being
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‘Generous’ Estia scheme still of concern, EU says
Some borrowers could interpret Estia handout as a reason to stop paying loans By George Psyllides Despite tightening the eligibility criteria of a subsidy scheme
Group threatens banks and MPs over foreclosures
A group claiming they are armed and ready to seek justice by means of violence against bank executives and MPs in connection with property foreclosures
Neophytou says challenging foreclosures in court possible
Chairman of the parliamentary finance committee and president of Disy Averof Neophytou said that a number of political parties have agreed to give borrowers the
Foreclosure law ineffective, ESM says
Cyprus’ legal frameworks aimed at reducing non-performing loans are inefficient and hardly used by banks whose bad debt stock remains a key vulnerability, according to
House poised to pass bill to sweeten sale of debtors’ homes
MPs of the ruling Disy party sounded upbeat on Monday that a series of bills granting tax relief to bank debtors would make it
MPs to vote on tax relief for bank debtors
Parliament is expected by July to vote on a package of legislative proposals granting tax relief to bank debtors. On Monday, the House finance committee
Banks at make-or-break point, MPs called to deliver
By Stelios Orphanides FIVE years after Cyprus agreed to the terms of its bailout and after parliament half-heartedly passed some of the agreed reforms, lawmakers
Our view: Proposed bill would shield strategic debtors
Sometimes we despair about the colossal irresponsibility displayed by the elected representatives of the people in the legislature. In the pursuit of personal popularity, they
A simple, honest solution to the NPL predicament
By Christos Panayiotides In the course of my long professional career, I have heard many absurd statements made by politicians and journalists. However, what unquestionably
Protest against foreclosures outside palace
Members of civil society group ‘Movement Against Foreclosures’ gathered on Thursday outside the presidential palace to express their concern over possible decisions to favour banks
Use of foreclosure in Cyprus weak says European Commission
Private debt in Cyprus continues to be among the highest in the EU, in no small part due to the limited use of the insolvency
Weak laws, payment culture to blame for high NPLs, officials say
Loan repayment culture in Cyprus is bad and the legislation in place is doing little to improve it even as it is threatening financial and
Loan related blast highlights bad contract enforcement record
The director of CRI Group, whose Nicosia offices were damaged by a bomb explosion on Sunday said the incident was related to a foreclosure and
Auction of 460 square-metre house attracts protestors, no bids
Hellenic Bank was unsuccessful on Friday in selling a foreclosed house in Latsia, a Nicosia suburb, as the auction once more attracted protesters and not
Shaming strategic defaulters may help reduce NPLs, economist says
By Stelios Orphanides More transparency from banks and a more resolute stance of the state, which guarantees deposits of up to €100,000, may be more
Threat of violence if banks seek evictions being investigated (updated)
A declaration purportedly penned by an armed group seeking justice, threatened violence if banks sought to evict people and auction off their homes, it emerged
Politicians ignore rule of law in vote-buying effort
NOBODY likes to see people having their houses re-possessed by the bank because of failure to repay loans. It is a terrible and humiliating experience,
Anti-foreclosure activists vow to avert auction of strategic defaulter’s mansion (updated)
By Stelios Orphanides Hellenic Bank was unsuccessful in its first attempt to auction a foreclosed luxury mansion in Nicosia on Thursday as no bids were
Little done to reduce private, public debt, reform economy, EU Commission says
Cyprus continues to experience “excessive economic imbalances” after it made limited progress in implementing structural reforms which could have helped address them, the European Commission
