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Foreclosures bill suspension extended

At a plenary meeting of the Cyprus parliament earlier this afternoon, opposition party MPs voted to extend the suspension of the hotly debated foreclosures bill until later this year.

Cyprus Parliament votes to extend foreclosures bill suspensionOPPOSITION MPs voted to extend the suspension of the foreclosures bill until the 2nd March at a plenary session of the Cyprus parliament earlier this afternoon.

The motion to suspend was carried by 27 votes in favour, 19 against.

The main opposition party AKEL had earlier tabled a proposal to extend the suspension until 1st July. Both this and another proposal put forward by the Greens to extend the suspension until 1st June were defeated.

The vote by opposition MPs may have thrown the Cyprus economic adjustment program into chaos.

The International Monetary fund has already withheld €86 million of a bailout tranche due to the delay in implementing the foreclosures bill.

Commenting on an earlier vote to suspend the bill in December, Finance Minister Harris Georgiades said that the decision by parliament had critically undermined the credibility of Cyprus.

How can you trust anyone who breaches the terms of their previously agreed contract by failing to comply with their obligations?

It seems that opposition parties are determined to follow the example set by the new government in Greece, no doubt taking courage from its stance in opposing their country’s agreed bailout conditions.

Readers' comments

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  • @george marshall on 2015/02/04 at 9:38 pm – Please review the article I published in 2011 SNK Venus & SNK Exclusive meeting of creditors.

    At the foot of the article you will find a link to the law firm of Nicolaides Stylianou LLC. They have been engaged by a number of buyers of SNK Venus and SNK Exclusive customers. I suggest you contact them without delay.

  • george marshall says:

    I have a bungalow in Xylofagou dinos 1 built SNK Venus homes I paid cash for my bungalow and find out there is a mortgage on the land I was told if there is a mortgage on the land the laws says the builder is supposed to tell you before you sign a contract which he didn’t now I have just been told CRI is selling the land and the bungalow can you help me please.

  • Stuart says:

    If Opposition parties are actually protecting big borrowers, such as developers, rather than the so-called ‘vulnerable groups’ they claim, are they then just ‘morons’ or are they being secretly well rewarded for their efforts in attempting to block the foreclosure legislation indefinitely?

    Developers have been identified as those who will be tackled first, if ever the legislation gets passed, as they are believed to have benefited most from their wilful refusal to service their massive debts, so anything that delays or prevents this happening will clearly be welcomed by them.

    Good, ordinary, work-a-day folk of Cyprus could start their revolution off by voting these Opposition parties out of office but will they if they think they’re being protected by them? So maybe the strategy is not so moronic as we think!

  • UBoat says:

    @Nigel, Stuart, Steve

    Greek PM Tsipras to visit Cyprus on Monday

    First place the new PM visits ….. Looks like a picture is forming … ?

  • @Stuart on 2015/01/30 at 11:17 am – Some have suggested that opposition parties are protecting troubled big borrowers, developers mainly, and not the vulnerable (but I couldn’t possibly comment).

  • Steve says:

    The delay has been carefully timed to give Greece plenty of time to let everyone see if they are staying in or pulling out or being pushed out of the Euro. If Greece wins big debt concessions, Cyprus, Spain, Italy, Portugal and maybe Ireland will be queuing up for some of the same, which makes it likely that Greece will be leaving. In that case, Cyprus will leave too because they are Hellenophiles to the point of lunacy and consequently Cyprus does not want to implement legislation now that they will have trouble repealing later when the consequences are well under way. Remember lots of NPLs are loans to Cypriots.

  • pils says:

    Considering the way forward on foreclosure is somewhat difficult for Cyprus.These Cyprus government officials are not normal thinking people but morons who have no form of logic and intellect.

    My advice to to replace the lot with people of heart and intellectual substance who can comprehend the problems in Cyprus and deal with the issues in hand.

    Their is no way forward for Cyprus unless the decision making institutions are replaced with competent people not morons.

  • Richard says:

    “Finance Minister Harris Georgiades said that the decision by parliament had critically undermined the credibility of Cyprus.”

    What credibility?

    @Brian: “It’s somewhat sad living in a country that is rapidly becoming the laughing stock of Europe, with nothing to offer but sunshine.”

    Yep – about nails it. Grapefruit are good too though Brian – and growing good produce (all cynicism aside) is of value to humanity.

    Perhaps the good ordinary work-a-day folk of Cyprus can start a revolution? There must be more of you guys than bent lawyers, incompetent official and indolent, incapable bankers?

  • Greg says:

    Translation: Commencement on the road to recovery has been further delayed and the journey extended. Morons

  • Stuart says:

    As stated in my response of 24 December 2014 to the question: “Who are Opposition MPs protecting” the answer is, in reality, probably no-one. This seems to be a fishing expedition for the votes of part of the electorate who see themselves as a group most likely to be the victims of any foreclosure legislation.

    Working from the top down, it will be years before the proposed legislation reaches so-called ‘vulnerable groups’ and therefore they are already protected by the inherent legal inertia of all Cypriot legislation that derives from its tortuous parliamentary proceedings. Meanwhile, I look forward to the Troika’s response.

  • Denton Mackrell says:

    The mischief-maker MPs, who are absolutely determined to sabotage the Cyprus economy, display all the immaturity hallmarks of a bunch of bolshie 15-year-old school kids who imagine they can defy the staff and governors and win. They fantasize that not only can they show them who the real bosses are, but also get away scot-free with no bad consequences for themselves or anyone else. This sorry excuse for a parliament is more like a school debating society.

    Their jingoistic anti-EU nonsense, now unashamedly linked to the equally and dangerously daft demagoguery of Tsipras in Greece, will not and cannot force the Troika to capitulate over radical renegotiation of bailout terms. Trying to hold out on the Foreclosures Bills simply brings the day much closer when, once again, Cyprus will be at the very edge of bankruptcy. These ‘schoolboy’ MPs really must stop deluding themselves and the many Cypriots who believe them that they are hot-shot poker players who cannot lose when it comes to trying to browbeat the ‘grownups’ of the Troika and EU.

  • Mike says:

    As a Greek Cypriot I really cannot add anything further to what Brian @ 7:37 has said except perhaps to add that we do have those who not only tie themselves to Greece’s apron strings but actually delude themselves into believing they are in fact Athenian or Macedonian and re-living the glories (as they see it) of c320BC. A sad example of failure to accept identity.

  • MartynG says:

    Worth revisiting the article on this Forum on 23rd December, 2014:

    “When you consider that only three foreclosures have ever taken place in Cyprus and that the foreclosure law forbade the repossession of a property under certain circumstances and that the banks have assured President Anastasiades that they will not target vulnerable groups, you really have to wonder who opposition MPs are trying to protect.”

    Read more at: Who are MPs Protecting.

    What, then, do the Opposition seek to gain by continuing to pursue this ridiculous ‘up yours’ salute to the Troika?

    Pre-alignment perhaps with their buddies up there in Athens!!

  • Brian says:

    If these people had just a little more intelligence they might just manage to fall into the category of stupid.

    When are they going to wake up and accept that they are just a shifty little country on the extreme edge of Europe with little to offer the world. They tie themselves to Greece’s apron strings and devalue their identity and worth even further.

    It’s somewhat sad living in a country that is rapidly becoming the laughing stock of Europe, with nothing to offer but sunshine.

  • Peter Davis says:

    Until we get expats form part of the Government of Cyprus, we can expect little else. There appears a hostility to accepting non-Cypriots into the Plenum.

    In the UK we have a cross representation of the population from all different countries including Cypriot Mayors, MPs in the Commons and the Lords.

    The Cypriot Government is happy to tax the expat without offering anything in exchange, and we end up with self serving individuals following an ideological path. We need new blood in the leadership.

  • Pantheman says:

    Perhaps if ALL MPs salaries and benefits were also suspended to wait for Troika money perhaps they would not extend it. As long as these MFs keep getting paid on time, they have nothing to fear. The average person via pensions, benefits and other are the sufferers.

    Damn these stupid people.

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