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

Do not disrupt bailout programme

Do not disrupt bailout programme warns Harris GeorgiadesFINANCE Minister Harris Georgiades warned parliament anew on Tuesday that any decision affecting the foreclosures law would interrupt the disbursement of financial assistance that is due by December 15.

Speaking during a joint meeting of the House Finance and Interior Committees, Georgiades said interrupting the process now meant Cyprus would have to wait until spring next year for the next opportunity.

He urged MPs not to make any “moves that will only create a problem for us without any practical gains.”

Georgiades said the government had the funds to pay December’s salaries but further delays in receiving the tranche would mean going without a buffer.

The Eurogroup has agreed to release the next tranche of aid but only after the Supreme Court threw out four bills passed by opposition parties to limit the scope of the foreclosures law.

After that failure, opposition parties submitted fresh proposals to suspend the foreclosures law, ostensibly to protect those hit by the recession.

Two parties, AKEL and EDEK, have submitted bills, the first to suspend implementation of the foreclosures law until July next year, the second to suspend it until the beginning of the year. EDEK’s proposal is supported by DIKO.

Tardy developers fail to pay IPT