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President seeks to restart program

29/12/2014 06:58
President Anastasiades will make efforts during the next days to resume the Cyprus reform programme through meetings with ministers and political party leaders.

The president will extend his staying at his winter retreat till the end of the first week of January and during this time he is expected to have contacts in an effort to give an end to the deadlock with the creditors.

Addressing the issue of foreclosures is high on the President's agenda in the coming days.

The government spokesman Nicos Christodoulides stated to Stockwatch that the President will meet before the end of the year with the Minister of Finance Charis Georgiades and the Minister of the Interior Socratis Chasikos in order to assess the situation and decide on the next steps.

Mr Anastasiades has until January 8 to send back the new foreclosures law voted recently by the parliament and indicated that he is going to make every effort to reach a consensual solution to this burning issue.

In his fist press conference given right after his return to Cyprus the president said he will send back to the parliament the new foreclosures law.

The international creditors strongly reacted to the parliament's decision to suspend the implementation of the foreclosures law till January 30, 2015 expressing their big disappointment.

The IMF postponed the disbursement of the tranche of €86 mil while the European Commission called for the implementation of the economic programme pointing out that the Parliament's decision was against what was agreed in the rescue program for Cyprus.

The troika seems to have postponed their next visit to Cyprus until the situation clears.

The foreclosures law was a prerequisite for the positive evaluation by the troika and the subsequent continuation of the programme. Cyprus received €350 mil from the programme just few days before the suspension of the foreclosures law as the Troika deemed that the requirement was met.

The government spokesman expects the foreclosures law issue to be discussed in the forthcoming meeting of the party leaders which he anticipates at the beginning of the year.