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Foreclosures row could end up in Supreme Court

President Anastasiades could refer the bills amending the foreclosures law to the Supreme Court following the Attorney General’s advice that they are unconstitutional if opposition MPs reject his veto.

More work needed on Ayia Napa marina

Although progress with the construction of the Ayia Napa marina is moving ahead as planned, it seems that more time may be needed to complete some of the infrastructure needed for the project.

Moody’s warns foreclosure law bad for banks

Moody’s rating agency has warned that changes to the foreclosure law will lengthen the time it takes for banks to foreclose on properties making it more difficult to reduce their NPLs.

Larnaca marina faces legal challenges

Legal action against the government’s decision to award contracts for the Larnaca marina and port to be developed by an Israeli consortium have been filed with the administrative court.

Foreclosure changes may have consequences

The Finance Minister has warned that Cyprus may face consequences over changes to the foreclosure legislation passed by parliament on Friday and has urged President Nicos Anastasiades to veto the bills.

MPs freeze foreclosures despite warnings (update)

Despite MPs being warned that changing the foreclosures legislation would have negative repercussions on the banks and the economy, MPs have voted to change and suspend the legislation.

New trapped buyers bill vote tomorrow

A revised ‘trapped buyers’ bill designed to overcome the problems of the current law, which was introduced in 2015, and enable thousands of trapped buyers to get Title Deeds will be put to a vote tomorrow.

Paphos marina to have cruise ship facilities?

A proposal to look at the possibility of including cruise ship facilities as part of the proposed Paphos marina at Kissonerga Potima Bay was given a positive reception at a meeting earlier today.

Larnaca new high-rise tower projects

In Larnaca, some 20 – 30 high-rise residential developments and hotels ranging from 10 to 30 stories are in the pipeline with construction expected to begin over the coming years.

Cyprus NPL ratio second highest in EU

The Cyprus banks have the second highest Non-Performing Loan (NPL) ratio in the European Union after Greece, according to the European Banking Authority (EBA) ‘Risk Dashboard’.

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