Insider Economy Tough negotiations over foreclosures bill's changes

Tough negotiations over foreclosures bill’s changes

Behind the scenes moves are intense and ongoing over the proposed changes to the island’s foreclosures bill with consultations between parliamentary parties lasting until midnight, yesterday.

Two proposed draft bills aiming to weaken the foreclosures law are going before the plenum for approval on Friday. However, final decisions are expected to be taken at today’s scheduled meeting by party heads or representatives.

The first draft bill which was tabled by opposition parties Diko, the Greens, Solidarity Movement and Citizens’ Alliance aimed at delaying  foreclosure  proceedings and was to go before the plenum on Friday. But centre Diko, which is the third largest party in parliament, has since changed its mind and wants to the bill to go for a vote in September instead.

At the same time, main opposition Akel has now joined ranks with the two small parties and is only asking for some changes to their bill so that it is in line with the one the leftist party had tabled in the past.

Despite this new alliance, however, their demand for the proposed bill to go before the plenum on Friday lacks the necessary majority. Diko objects to the bill going before the plenum on Friday because it wants to give time to the island’s Financial Commissioner to make necessary improvements to the proposal.

Yesterday, Diko MPs asked those with whom they drafted the proposal to think it over and agree to the September postponement even though  some members of Diko itself want the bill to go for a vote on Friday.

However, if all MPs of ruling Disy which objects to the bill’s amendments are present on Friday and join forces with Diko then they will have the necessary majority. And with their 28 votes the bill will be discussed in September.

At the same time, socialist Edek has proposed that foreclosure procedures get suspended for all those who will submit an application to join Estia Home Scheme, and up until the future of the first draft bill is clear enough

Edek leader Marinos Sizopoulos has sent a letter to House Speaker Demetris Syllouris asking for his proposal to go for a vote before Friday’s plenum even though it does not seem to enjoy much support from the other opposition parties.

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