Cyprus Problem | Foreclosure Bill Passed

Cyprus Problem - Foreclosure Bill PassedWITHOUT PREJUDICE

Cyprus Problem – Foreclosure Bill Passed

Last night the ROC Government voted in favour of the Foreclosure Bill, a condition needed to be met to allow Troika to authorise the release the next tranche of the bail out loan. ¹

In true Cypriot fashion other laws are in the pipeline that will make the bill unworkable and in the words of the opposition, stop Cypriots losing their homes.

Where else in the civilised world would anyone who has reneged on a domestic mortgage be allowed to keep that
property? Only in Cyprus.

That naturally brings us on to the hypocrisy that is Cyprus, both sides of the divide where those who deliberately withhold payment to a lender are protected by the law and those who after paying in full for their homes and then defrauded by the developer/landowner/bank are not protected by the law.

The banner headline on Sky TV this morning was all about expats leaving Cyprus in droves because of the financial crisis, who can blame them?


Pauline Read

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