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

310 new cases through PCR tests announced on Friday

The Health Ministry announced 310 new Coronavirus cases out of 6,584 PCR tests on Friday 27 November and another out of 6, 311 rapid...

Health Minister concerned about situation in old people’s homes

Health Minister Konstantinos Ioannou expressed his concern about the COVID-19 cases found in old people’s homes. However, he noted that within the framework of...

NPLs in the Cyprus banking system down by €132 million in July

Non- Performing Loans (NPLs) in the Cyprus banking system dropped by €132 million continuing their downward trajectory, assisted by disposals as well as the...

Health Ministry prepares plan for COVID-19 vaccination

The plan, which will be followed by the Ministry of Health, for vaccination against the coronavirus has already been prepared, said today to CNA...

Cyprus second in EU regarding first residence permits

In 2019, about 3.0 million first residence permits were issued in the EU to non-EU citizens. The number rose by 6% (or 163 000)...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...