Cyprus Problem | Failed Attempt to Convince Troika

Cyprus Problem - Failed Attempt to Convince TroikaCyprus Problem – Failed Attempt to Convince Troika

It seems that the national sport of trying to pull the wool over their eyes has backfired in ROC. ¹

The much heralded Foreclosure bill, a condition for the next tranche of bail out money to be released has fallen at the first hurdle. The ROC are now back to square one with this bill and its ancillary laws which fall far short of what the lenders and borrowers initially agreed on. Even the legitimacy of the some of the ancillary laws is in question. Watch this space as this latest episode of this Greek tragedy continues to unfold.

In north Cyprus those who borrowed money using security no longer available for the purpose must be watching the K5 case with interest, as indeed must the banks who so foolishly assisted these fraudulent borrowers. The outcome of this case is very important and will create the precedent in all cases that involve ‘stealth’ mortgages.

It has to be said that the decision that comes out of Girne District court will inevitably not be the final one. In my opinion, the final decision as far as the TRNC is concerned will come out of the Supreme Court as a result of an Appeal by the losing side at the District court.

Will the fat lady sing in the TRNC or in Strasbourg. Your guess is as good as mine.

No……it is not me.



Pauline Read

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