- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Repossession agreement leaked

home repossessionALTHOUGH the Cyprus government remains tight-lipped about details of the agreement reached with the troika easing the procedures for property foreclosures, some details have been leaked to the media.

According to information we have received, which we cannot confirm at this time, the key provisions of the law required to make repossessions more effective and less time-consuming include:

The repossessions bill and a second bill on the subject of insolvency are designed to address the issue of non-performing loans, which are currently hovering around 50% of all outstanding loans.

European Commission officials have warned that the repossessions law has to be approved by Parliament before any new aid is distributed.