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All reports tagged with: "foreclosure"

Mass repossessions unlikely

Following decisions concerning the foreclosures law rumours have been circulating that banks in Cyprus will soon start mass repossessions and selling properties to recover money they are owed.

Cyprus bailout tranche approved

Last evening Eurozone finance ministers approved the release of a €350 million bailout tranche to Cyprus as the country had amended laws on foreclosures and forced sales of mortgaged property as agreed in the MoU.

AKEL moves to suspend foreclosures law

Communist opposition party AKEL has proposed that the law on foreclosures is suspended until June next year to give the authorities sufficient time to prepare the insolvency framework.

Troika to discuss insolvency framework

A team from the troika is expected to arrive in Cyprus on 10th November for consultations on continuing the €10 billion bailout program and are expected to remain on the island until 14th November.

Four foreclosure bills unconstitutional

The Cyprus Supreme Court has ruled that four of the six bills voted by parliament on 6th September that limited the effect of the foreclosure bill on low-income groups are unconstitutional.

No foreclosure law no money

Eurogroup President Jeroen Dijsselbloem told a news conference that putting legislation in place to deal with the high level of non-performing loans (NPLs) is essential for Cyprus to return to financial health.

Supreme Court focuses on foreclosures

The Cyprus Supreme Court plenary will meet on Tuesday to examine whether four of the bills passed by MPs regarding foreclosures and repossession are in conflict with the island’s Constitution.

EC rejects foreclosures laws

The foreclosures laws passed by the Cyprus parliament last Saturday are incompatible with the requirements of the Memorandum of Understanding (MoU), according to a European Commission spokesman.

Foreclosures law to Troika

President Anastasiades is to speak with European leaders and officials in efforts to gain their understanding and support for the foreclosures law that was passed by parliament on Saturday.

Foreclosures bill passed

The controversial foreclosures bill, a pre-condition of Cyprus receiving the next tranche of its bailout from the Troika, was passed by 47 votes at an extraordinary session of Parliament earlier today.

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