President Nikos Christodoulides expressed satisfaction with the passage of a set of bills on foreclosures on Friday, underscoring a commitment to expedite proceedings addressing risks to the country’s economy from non-performing exposures.
Banks and credit buyout companies are likely to extend the freeze on foreclosures of primary homes valued up to €350,000, as they have accepted the Ministry of Finance’s call in principle. Online
The foreclosure row rumbles on as the latest episode in the saga played out when parliament voted against two non-government bills regarding the rights of borrowers defaulting on their mortgage. At the
Finance Minister Makis Keravnos will present to legislators on Monday a government package of seven proposals to address the issue of foreclosures to block a bill that gives borrowers rights to appeal decisions.
The government is pushing forward with plans to introduce an expedited foreclosure court to fast-track financial disputes between borrowers and banks, affording some protection for 20,000 mortgaged primary residences. On Monday, a
Under the fear of an increase in Non-Performing Loans, as the European Central Bank continues to push interest rates up, a heated debate is brewing over the right of defaulted borrowers to
President Nicos Anastasiades on Thursday signed the foreclosures law extension until January, despite the government’s previous insistence on defrosting it. In an unexpected move, the President signed the law he had referred
Finance Minister Constantinos Petrides has lashed out at the House’s decision to extend a freeze on foreclosures until the end of January, warning of dire economic consequences. In his latest attempt to
Finance Minister Constantinos Petrides expressed the government’s disappointment at parliament’s decision to freeze property foreclosures until the end of October, despite repeated warnings. On Thursday, MPs amended laws governing the transfer and
ECB supervisory board member Elizabeth McCaul advises caution over possible amendments to the Cyprus foreclosure law as they could “backfire and destabilise the banking sector”. In an interview with CNA, McCaul said
