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NICOSIA – With many of its lawmakers outed for having bad loans, Cyprus’ Parliament has again set aside voting on a key foreclosure law demanded by international lenders.

The bill, which could see debtors, including in the Parliament, pursued for not paying, was insisted upon by the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) that two years ago put up a 10 billion euro bailout.

That came with other requirements, including confiscation of 47.5 percent of bank accounts over 100,000 euros, seizure of all depositors’ money at the failed Laiki Bank, capital controls and austerity measures.

The Troika wants to let banks, none of whose management has faced consequences for making bad loans to failed Greek businesses or having large holdings in devalued Greek bonds, seize the homes of people who can’t pay, many because of austerity the government imposed to save the banks.

Cyprus will not be eligible to participate in the ECB’s 1.1 trillion-euro quantitative easing program until the law is in effect. In a unanimous vote, Parliament suspended implementation of the law until April 2.

Lawmakers say the law should be adopted simultaneously with an insolvency framework, outlining protection mechanisms for primary residences and third parties who guaranteed mortgages. The insolvency framework is still being reviewed by authorities.

 

Source: The National Herald
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