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Do not disrupt bailout programme

The Cyprus Finance Minister has warned MPs to avoid disrupting the bailout programme again urging them not to make any “moves that will only create a problem for us without any practical gains.”

Do not disrupt bailout programme warns Harris Georgiades FINANCE 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.

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Readers' comments

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  • Stelios says:

    The opposition parties are playing with peoples’ minds. What’s all this nonsense about not passing/delaying or amending the foreclosure bills! What are they aiming at in delaying the foreclosures?? The sooner the better to get this economy moving! Can’t they see that buyers are holding back to see the actual impact in property prices and the availability of new stock from foreclosures! The bank staff are ready to get their hands on the most promising properties! I have a few examples, which they are not releasing information about recovery properties!!!!

  • adge says:

    Be warned, “You will not get yr 13th. salary if you mess this up”. Political points they may be but we need to be seen to be making positive moves, not just gestures.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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