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31. President defers foreclosure mess to attorney general

Cypriot President Nicos Anastasiades has refused to veto legislation that suspends foreclosures yet again until February 2023, essentially calling on the attorney general to examine the constitutionality of the bill as the issue on the presidential election campaign trail continues to heat up...

32. Finance Minister calls for the repeal of foreclosure suspension

The Ministry of Finance proposes delaying the law on divestiture suspension. ...

33. Foreclosures on primary residences suspended until February 2023

The Association of Credit Acquisition Companies and Credit Facilities Managers (SEDP) announced on Thursday the suspension of foreclosures on the primary residences of vulnerable borrowers until February 2023. ...

34. Looking for a strategy to suspend foreclosure sales

To protect vulnerable borrowers and stop the economy from being impacted by decisions that could harm its integrity, a strategy for the new potential three-month suspension of foreclosure sales is being sought. ...

35. President signs controversial foreclosure law

A controversial foreclosure bill has been signed into law in the Republic of Cyprus over the objection of the country’s finance minister who accused lawmakers of populism...

36. Cypriot minister lashes out at ‘populist’ lawmakers

Cypriot Finance Minister Constantinos Petrides lashed out at lawmakers on Tuesday warning against “dangerous and unrestrained populism” after members snubbed a presidential veto on three crucial pieces of legislation...

37. Foreclosures suspended until the end of October 2022

The Cyprus Parliament on Thursday passed a bill suspending foreclosures until the end of October,...

38. ECB tells Cyprus lawmakers to get it right

Elizabeth McCaul, Member of the Supervisory Board of the ECB, advised caution over possible amendments to the Cyprus foreclosure law stressing that 'such policies can also backfire and destabilize the banking sector if designed in a haphazard manner'...

39. IMF: Withdrawal of support measures should be gradual

An International Monetary Fund (IMF) mission met virtually with the Cypriot authorities from March 8–29, 2021 to discuss recent economic developments and policy priorities on the island. In an interview with Kathimerini Cyprus, IMF mission chief for Cyprus, Anita Tuladhar, said the longer the recovery period in sectors related to tourism, the greater the chance that permanent scars will remain in the economy of Cyprus. Tuladhar also noted the importance of state-sponsored programs to support the economy....

40. State budget battles rage on in Cyprus

Ruling party DYSI has been mounting a campaign over the last 24 hours to secure votes to pass the state budget, which is up in the air over golden passport probe wars, with added pressure also causing rifts even within smaller parties...

41. House passes bills mitigating pandemic repercussions

The House on Friday approved a wide array of bills, passing into law a wide array of bills seeking to keep Cyprus afloat as it is making its way through the first wave of the coronavirus pandemic....

42. State suspends foreclosures for 3 months, requests 10% reduction in electricity fees

The government on Wednesday agreed to request from the Cyprus energy regulatory authority a 10% cut on electricity usage charges for a period of three months, in view of providing some breathing space as the island traverses the Covid-19 health crisis....

43. Moody's changes Cyprus outlook to positive

Rating agency Moody’s changed the outlook for the Cypriot economy to positive from stable, citing the reduction of the sovereign exposure to event risks stemming from the banking sector and the improving fiscal strength beating previous expectations...

44. Foreclosure legislation unconstitutional

The latest piece of legislation on foreclosures which was approved last Friday is unconstitutional...

45. Finance Committee seeks compromise on foreclosures

The House of Representatives Finance Committee meets on Friday to discuss proposals that would normalize the legislative framework on foreclosures...

46. ECB warns of 'significant negative impact'

The European Central Bank (ECB) has warned of “significant negative impact” to the Cypriot banking system in case a new law amending the legal on foreclosures is implemented. ...

47. Central Banker mulls bridging framework on foreclosures

The Central Bank will present recommendations aimed at rectifying the foreclosure framework it was announced on Thursday...

48. Foreclosures: Parliament rejects President's referral

The House of Representatives today rejected a presidential referral regarding a number of foreclosure legislation amendments. ...

49. Cyprus parliament suspends foreclosures

The House of Representatives voted in its last plenary before summer recess an amendment to the foreclosure law that foresees a freeze in foreclosures and suspension for loans eligible for the ESTIA loan relief plan...

50. Warnings over new foreclosure legislation

A total of five bills concerning a new foreclosure legislation are expected to be discussed on Thursday at a meeting of the House of Representatives Finance Committee...

51. Cyprus 'one of the success stories of ESM'

52. EU Commission approves ESTIA scheme

53. House approves state guarantees in co-op deal

The House passed legislation Sunday night in favour of providing state guarantees to Hellenic Bank in its acquisition of Cyprus Cooperative Bank’s healthy portfolio...

54. House prepares to define good and bad borrowers

The distinction between responsible and irresponsible borrowers is at the forefront of heated debate this week, with Presidential Palace and Parliament scrambling to strike balance ahead of a crucial vote...

55. Co-Op deal with Hellenic still up in the air

The government is running against the clock with bad loans legislation, which would include a bill approving state guarantees for Hellenic Bank to absorb potentially high-risk loans in co-op takeover...

56. FinMin: Revenue from NPLs management will repay cost of support to Co-op

Government moves include establishing an asset – management company, based on conditions that the competent European institutions will set and depending on the finalisation of investment interest in the Co-op...

57. Focus on responsible borrowers

Finance Minister Harris Georgiades says responsible borrowers deserve help, but draws the line where strategic defaulters take advantage of loopholes and don't repay their loans...