Cyprus Problem | the Same the Whole Island Over

the same the whole island overWITHOUT PREJUDICE

Cyprus Problem – the Same the Whole Island Over

In the ROC, the Foreclosure Bill that will start the banks repossessing the assets of those who have reneged on bank loans is still far from being agreed by all parties in the ROC Parliament.

Sadly amongst those non performing loans (NPLs) are the stealth mortgages that will see innocent people losing their homes/holiday homes/investments because of the fraudulent behaviour of their vendors, and as yet, no provision has been made to protect these innocent purchasers. In fact, they are in exactly the same situation as the victims of stealth mortgages in the north. The big difference being, there are a lot more victims, the money involved are usually higher sums and ROC is a member of the EU, so if and when repossessions take place, the world’s media will be there.

The expectations of the electorate when Nicos Anastasiades was elected President have been dashed. The opposition from whom Nicos Anastasiades received the poison chalice are doing everything in their power to thwart any attempt to have the Bill passed into law. The watered down version the opposition are trying to negotiate is not acceptable to Troika and so the next tranche of money will not be released until an acceptable version is passed into law. The people who caused the problem seem to want to perpetuate it. How bizarre is that? ¹

Whatever happens from this point on will mean hardship for the ordinary Cypriot. I suspect it will also be very hard on those with a stealth mortgage on their property.

The two things the dishonest Cypriots either side of the divide have in common are:

  1. It is never their fault;
  2. There are no consequences for their dishonesty.



Pauline Read

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