Slashed tires slow down finance minister

The tires of a vehicle belonging to the Cypriot finance minister were slashed over weekend, with police saying they were investigating the incident.

Local media said police received a complaint last Saturday in connection with an incident in the old town of Nicosia, when the vehicle used by Cypriot Finance Minister Constantinos Petrides was found with slashed tires.

Police believe a sharp object was used to slash the tires of the ministerial vehicle in what was being reported as a deliberate malicious act.

Petrides has recently came out against additional state funding for political parties ahead of presidential elections, saying there was no basis for more money .

The minister has also met with resistance towards his effort to reintroduce legislation that would make it easier for courts to hold loan defaulters accountable.

Back in May opposition parties blamed the administration for not doing enough to have the European Commission go along with amendments to protect bad loan guarantors.

Petrides’ team said the position of the opposition was “sending the wrong message” that the Republic was an unreliable partner in the eyes of the European Commission, adding that Cyprus could also face assessment challenges from credit rating houses.

The finance ministry was scrambling for new ways to overcome an awkward impasse on two crucial foreclosure bills, including a possible three-month delay being tossed around this week.

Cyprus missed a December 2021 deadline, meaning the country would also risk losing €85 million from the Recovery Fund if necessary reforms do not take hold.