Cyprus Property Victims | Lose-Lose Situation

Cyprus Property Victims - Lose-Lose SituationWITHOUT PREJUDICE

Cyprus Property Victims – Lose-Lose Situation

The situation in the ROC would be amusing if it were not so serious.

You have ordinary Greek Cypriots who borrowed far beyond the amounts any prudent lending institution should have lent them based on their income, which of course is the only barometer of their ability to repay. That the banks showed no due diligence is obvious. That the borrowers showed greed is also obvious.

Who do you blame, the borrower for taking advantage of overly generous banks who by no means protected their investors/account holders money, or the borrowers for not making payments on their loan?

Clearly, the borrowers are blaming the banks and taking no responsibility for the fact that they have been living mortgage payment free, some for many years, and now find the combination of the capital and the capitalised unpaid interest is even more beyond their means than the original mortgage was. Can you believe there is no workable repossession tool, hence troika insisting on a Foreclosure Bill with teeth.

This alien spectre of actually now being in a position where the errant borrowers could lose their homes/assets is being resisted by the people in arrears and even by the Government and the opposition.

This is a clear indication of the mind set of a people who think it is acceptable to steal the homes of foreigners, who by the way do not owe the bank a penny, but the Developer they purchased from owes the banks a fortune after dishonestly using the sold property as security to borrow from the banks.

Now you see the similarity with north Cyprus. Both north and south are guilty of this practice. Both sides are forcing the innocent purchaser caught in the middle between the developer and the bank to go to court to prove this is unjust.

Whatever the end of his sad saga turns out to be, there will only be losers. This is the first lose/lose situation I have ever seen.

It will take a long time for the island of Cyprus to be thought to be a place it is safe to invest in, if ever.

Pauline Read

Print Friendly, PDF & Email

Comments are closed.