Thursday October 23, 2014 Search
Weather | Athens
22o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Crucial Cyprus loan foreclosure bill set for vote

The Cypriot parliament will vote Saturday on a controversial bill to streamline bank foreclosures of bad debts, Finance Committee chairman Nicolas Papadopoulos said, amid fears some people could lose their homes.

The emergency session will come a day after a deadline set by international lenders who bailed the economy out last year and have warned that the next tranche of the 10 billion euro ($13.1 billion) loan will be withheld if the bill is not passed.

A vote, already repeatedly delayed, had been set for Friday, but opposition parties, who together hold a majority in the 56-seat parliament, want more changes.

Main opposition communist party AKEL wants safeguards to ensure that first homes and small businesses with bad loans of up to 350,000 euros are safe from repossession by the banks.

"AKEL has reaffirmed its position that the government has agreed with the troika (lenders) for express mass repossession procedures, which is destructive to society and for the economy,» said a spokesman, Stefanos Stefanou.

"Therefore, AKEL is not going to vote for the bill if its philosophy does not radically change."

Other opposition MPs are also demanding protection for primary residences.

But the centre-right government of President Nicos Anastasiades says the bill is targeted at major business borrowers who owe the bulk of the money, promising that first residences will be protected.

The cabinet will meet Thursday evening to review the proposed amendments. Its response will then be reviewed by the joint finance and interior committee on Friday.

Around 46 percent of Cypriot bank loans are classed as non-performing (NPLs) for being seriously in arrears. Under current legislation, it can take banks 20 years to recover the money.

The troika (IMF, European Commission and European Central Bank) says that, if the bill is not passed, the NPLs must be classed as non-recoverable and Cypriot banks will fail EU stress tests due in the autumn.

The next 436 million euro tranche of bailout money is due in late September.

In return for the March 2013 rescue, the government adopted swingeing austerity measures and radically restructured the bloated banking sector.

Credit rating agency Moody's Investors Service said in early August that Cyprus has an “elevated risk of default in the medium-term” because of the high level of NPLs. [AFP]

ekathimerini.com , Thursday September 4, 2014 (17:33)  
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Buy big house, become a citizen
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Thirteen indicted for inmate torture
Thirteen correctional officers and their former warden will stand trial in Serres, northern Greece, over the death of Albanian inmate Ilie Kareli on March 27 at Nigrita Prison. Kareli was tr...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Careful what you wish for
Everyone is in a rush to become prime minister in this country, as if they have not learned a single thing from its political history. While still in opposition, PASOK’s George Papandreou ma...
EDITORIAL
Taking care of our key industry
It’s time to face facts: Tourism is the country’s heavy industry. The sector’s considerable contribution has served as a stabilizing factor for the local economy, essentially placing the cou...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Roberto´s heroics make Kasami´s goal count
2. Athens weighs its LNG and CNG options
3. Greece ranks among global leaders in tourism growth
4. Global oil price drop sends local fuel prices back to 2010 levels
5. Buy big house, become a citizen
6. Cyprus seeks EU response over Turkey´s EEZ violation
more news
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Cyprus to block Turkey's EU talks after EEZ violation
3. EU’s Juncker wins Commission-team approval with investment vow
4. Juncker’s EU commission team set for parliamentary green light
5. Taprantzis resigns from privatization agency TAIPED
6. Fallen tree, smashup cause traffic jams in Athens
Today
This Week
1. Coalition shooting itself in the foot
2. Istanbul skyscraper casts shadow over Greece's banking ambitions
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. The past, present and future of the Greek debt crisis
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.