Insider Economy Cyprus parties want to find right balance on foreclosures bill

Cyprus parties want to find right balance on foreclosures bill

The right balance has to be found among opposition parties in Cyprus, the government and the Central Bank on the thorny issue of the foreclosures bill, according to analysts.

The parties which have voted in amendments to the island’s foreclosures bill that basically slow down the process now have only three days before taking face-saving decisions.

On Monday, parliament decided to postpone voting on the vetoing by President Nicos Anastasiades of the amended bill which was tabled some two weeks ago.

The vote is now set to take place on Friday with the parties saying they wanted to introduce additional safeguards for homeowners with mortgages they are unable to service. As well as to restore the negotiating balance between lenders and borrowers.

Behind the scene talks seem to be intense between the parties and officials of the finance ministry and of the Central Bank of Cyprus with all parties being aware of the negative repercussions on the economy this uncertainty brings.

The compromise solution seems to be in the proposal tabled by centre Diko which gives more power to the Financial Commissioner.

In the meantime, Central Bank Governor Constantinos Herodotou is meetings with all opposition parties – big and small – even though none seems willing to reveal its intentions before Friday.

An extraordinary meeting of the House Finance Committee is taking place today with the participation of the Attorney General, the Minister of Finance, the Central Bank Governor and the Financial Commissioner.

Last night, Diko leader Nicolas Papadopoulos told Phileleftheros that their proposal provides for a better borrower protection procedure that will not cause delays. And that the party realises that this is a compromise.


Read more:


Top Stories

PM Mitsotakis: Keeping current health measures faithfully will help prevent another lockdown

Prime Minister Kyriakos Mitsotakis issued a renewed call to the Greek public to observe health measures against the dispersion of the novel coronavirus, in...

Nine new coronavirus cases detected out of 2,893 tests

The Ministry of Health has announced that 9 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

People must observe health protocols, Minister of Health stresses

Minister of Health, Constantinos Ioannou, said on Thursday that the goal is not to impose strict measures but rather to make people understand that...

Staff object to use of Famagusta Hospital as Reference Hospital

Doctors and nurses of the Famagusta General Hospital are up in arms about the continued use of it as the island's Reference Hospital for...

Papadouris sues Auditor General

Former Commissioner for Mountain Communities Giannakis Papadouris filed a lawsuit against Cyprus' Auditor General Odysseas Michailides, through the Christos Pourgourides & Sia law firm. As...



Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...


Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...