The Commission awaits Cyprus` plans on the way forward with regard to the issue of foreclosures, Simon O` Connor the Commission's spokesman has said.
Cyprus` international lenders have set the approval of a bill of as a condition for the disbursement of the Cyprus` €10 billion bailout, that was scheduled to be approved by the Euro area Finance Ministers in their next meeting on September 12.
The parliament voted last Saturday the foreclosures bill passing at the same time a series of laws that have been deemed as incompatible with the MOU requirements. This move has been considered as a breach of the conditions agreed with the Troika and as a result the disbursement (€350 million form the ESM and €86 million from the IMF) of the next tranche will not be discussed. Meanwhile Cyprus President has referred four of the six bills to the Supreme Court to decide whether they comply with the Cyprus constitution.
“While a detailed assessment is still ongoing, it appears clear that parts of the legislation voted through last Saturday, together with the foreclosures bill, are not compatible with the requirements of the MoU in this important policy area,” O` Connor said.
“We remain in close contact with the Cypriot authorities on this matter and are looking forward to hearing from them how they plan to proceed,” he concluded.
The Commission awaits Cyprus` plans on the way forward with regard to the issue of foreclosures, Simon O` Connor the Commission's spokesman has said.
Cyprus` international lenders have set the approval of a bill of as a condition for the disbursement of the Cyprus` €10 billion bailout, that was scheduled to be approved by the Euro area Finance Ministers in their next meeting on September 12.
The parliament voted last Saturday the foreclosures bill passing at the same time a series of laws that have been deemed as incompatible with the MOU requirements. This move has been considered as a breach of the conditions agreed with the Troika and as a result the disbursement (€350 million form the ESM and €86 million from the IMF) of the next tranche will not be discussed. Meanwhile Cyprus President has referred four of the six bills to the Supreme Court to decide whether they comply with the Cyprus constitution.
“While a detailed assessment is still ongoing, it appears clear that parts of the legislation voted through last Saturday, together with the foreclosures bill, are not compatible with the requirements of the MoU in this important policy area,” O` Connor said.
“We remain in close contact with the Cypriot authorities on this matter and are looking forward to hearing from them how they plan to proceed,” he concluded.
