Sunday March 29, 2015 Search
Weather | Athens
14o C
09o 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)  
Fitch downgrades Greece amid bailout uncertainty
Bank accounts continue to bleed
Hania and Athens are the top picks for Easter visitors
Landlords to pay tax on unpaid rent
Disabled convicts to be freed early
A bill allowing prisoners with serious disabilities to be released early is due to be submitted to Parliament next week despite objections from some opposition parties. The would-be legislat...
Greek energy minister starts two-day visit to Russia on Monday
Energy Minister Panayiotis Lafazanis is due to meet his Russian counterpart Alexander Novak and the chief executive of energy giant Gazprom, Alexey Miller, in Moscow on Monday. Lafazaniss m...
Inside News
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
COMMENTARY
Lets change the subject
Lets talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. Its better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Disabled convicts to be freed early
2. Greek energy minister starts two-day visit to Russia on Monday
3. Opposition tells Tsipras to get control of his party
4. Vitsentzos Kornaros passenger ferry finally on its way
5. Foreign laborer dies after falling from 3rd floor of Iraklio building
6. A 5.3 Richter quake rattles area between Crete and Kasos
more news
Today
This Week
1. Fitch downgrades Greece amid bailout uncertainty
2. Opposition tells Tsipras to get control of his party
3. Let's change the subject
4. Greek energy minister starts two-day visit to Russia on Monday
5. Too little, too late?
6. Disabled convicts to be freed early
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Some more equal than others
4. Greece to present reforms by Monday, says gov't spokesman [Update]
5. Looking at the Chinese model
6. Greece optimistic on deal with euro area next week
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.