At the same time as the Cyprus Economy is going through an unprecedented recession, the Government of N. Anastasiades and DISY is acting as if nothing is happening.
Before Parliament, it sent out the message that it wasn’t going to take any initiative to protect the primary family home and small business property from the risk of foreclosures. It once again chose to line up on the side of the banks against the interests of the society as a whole, ignoring the dramatic appeals being conveyed by thousands of borrowers.
At a time when banks are admitting that the needs due to the pandemic dictated and justified the initial suspension of foreclosures until the end of August, their current position that such a decision is dangerous is justifiably provoking the feelings of society in general.
AKEL will not tolerate the Government’s obstructiveness. It has brought back the draft bill for the suspension of foreclosure procedures until the end of December, which concerns primary family homes with a market value of up to € 350 thousand and the professional premises of very small businesses and will exhaust all the margins within Parliament for its approval.
As long as there are emergency conditions due to the pandemic, borrowers cannot be left at the mercy of the banks’ arbitrariness
Statement by the Head of the Economic Studies Bureau of the C.C. of AKEL Charis Polycarpou
AKEL won’t tolerate the government’s obstructiveness on the foreclosures issue
AKEL C.C. Press Office, 20th October 2020, Nicosia
