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Repossession legislation delayed

Finance Minister Harris Georgiades had some harsh words to say after opposition MPs forced a delay in the implementation of the repossession legislation at the plenary session of parliament today.

OPPOSITION MPs have delayed the implementation of the repossession legislation until the end of January. The proposal, which was submitted by the Movement for Social Democracy (EDEK), passed by 39 votes to 19.

Communist party AKEL had earlier proposed that the legislation should be suspended until the end of June, but this was rejected by MPs.

Reacting to the decision Finance Minister Harris Georgiades had some harsh words to say in a statement. “Today’s decision by parliament critically undermines our country’s credibility,” adding that “Suspending enforcement of legislation, which is not enforced anyway, is an unnecessary and unjustified act. It simply sends the message that we have not, unfortunately, rid ourselves of the mentality and behaviour that cost us so dearly.”

The suspension comes just a few days after the disbursement of the €350 million tranche of the bailout loan; the foreclosures law was a requirement for its release.

The disbursement of an additional €86 million from the IMF has yet to be confirmed. A meeting of the IMF board to decide whether to release the money is scheduled for tomorrow. But according to a government source, the subject may not be discussed.

The international lenders had informed Cypriot authorities before today’s decision that the suspension of the legislation could jeopardize the planned return of the Troika for the sixth assessment.

The Troika planned to visit Cyprus again on 27th January.

Readers' comments

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  • Deanna says:

    @ Steve R: “….ten years to obtain Title…”
    I’m hoping to get mine next year, which will make it a quarter-century :)

  • MartynG says:

    Finance Minister Harris Georgiades, no less:

    “Today’s decision by parliament critically undermines our country’s credibility,”

    IT SURE DOES!

    : “Suspending enforcement of legislation, WHICH IS NOT ENFORCED ANYWAY, is an unnecessary and unjustified act. It simply sends the message that we have not, unfortunately, rid ourselves of the mentality and behaviour that cost us so dearly.”

    ABSOLUTELY. True colours, mainly Yellow, being shown here!

    What AKEL and their chums have outrageously and shamelessly done is show the rest of Europe and probably beyond!, the truly cynical underpinnings of Cypriot culture. Take the Troika money and then stick the proverbial ‘two fingers’ up to all and sundry. How’s that for Christmas Spirit?? Future Goodwill? These actions truly Beggar Belief.

    And wasn’t it AKEL, well Christofides, who negotiated the €5bn Loan from Russia? In today’s vastly changed Russian environment Mr. Putin, never apparently the ex Cyprus President’s ‘best friend’, may already be checking whether there are grounds for demanding early Repayment!

  • Mike says:

    It seems to me that our, dare I say childish/moronic representatives are playing ‘chicken’ with the troika. Just saying and promising barely enough to ensure the next payment is agreed whilst all the time knowing that once release of funds is agreed they will repeal or suspend qualifying legislation proposals.

    Now if the troika are only interested in burdening the country with unsustainable debt then the charade will go on, if they are serious in helping government reach a point of self sustainability and financial good health then they will stop all aid until conditions are met. It is painfully obvious to all the world that has any interest remaining that we are all but a lost cause and not to be trusted. Thankfully the Finance Minister together with the Auditor-General have at least realised that, some 54 others to go and educate now.

  • Stuart says:

    Assuming there was any vestige of credibility left to undermine, Harris Georgiades has rightly confirmed that Cyprus has still not rid itself of the mentality and behaviour that resulted in the bailout becoming necessary in the first place.

    Playing fast and loose with the Troika by suspending compliance with its MoU requirements once the €350 million tranche has been released, reveals the fundamental dishonesty that pervades virtually every aspect of government and commerce in Cyprus.

    However, despite all the shenanigans of this parliament and its obvious contempt for the Troika and the MoU, Cyprus knows it can never be allowed to exit the euro-zone and thus ruin the United States of Europe dream so beloved of the European Union.

  • Steve R says:

    They are artists in delaying tactics. That is probably why it takes 10 years to obtain your title deeds

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