26/01/2015 06:49
In the light of the latest developments in Greece, the political leaders will meet at the presidential palace today to discuss how to handle the foreclosures issue.
The Finance Minister will present the comments of the international creditors on the fifth legislation governing the insolvency framework for the primary residence.
Upon completion of this legislation, the insolvency framework consisting of five legislations will be completed.
The remaining four pieces of legislation are already in parliament and will be discussed before the House Finance Committee today.
The government had assured that it would have prepared the insolvency framework by the end of December. This was not done and the opposition parties, three days after Cyprus secured the tranche of €350 million by the international creditors, approved the suspension of the foreclosures law.
This led to a postponement of the assessment of the adjustment program and a suspension of the disbursement of the tranche of €86 million from the IMF.
In his statements to StockWatch, government spokesman, Nicos Christodoulides, said President Anastasiades will appeal to the party leaders not to implement their intention for a further suspension of the foreclosures law, as such decision could leave Cyprus outside the quantitative easing program of the ECB.
In order to qualify for participation in the ECB program, Cyprus should meet its obligations under the loan agreement and to receive a positive assessment by the international creditors.
Technocratic team in Cyprus
The technocratic team of the international creditors arriving in Cyprus tomorrow will reiterate the memorandum commitments of Cyprus.
The issues that will be put on the table are the controversial foreclosures law, the GHS, the public finances, the modernization of the public sector and privatizations.
The Finance Minister will present the comments of the international creditors on the fifth legislation governing the insolvency framework for the primary residence.
Upon completion of this legislation, the insolvency framework consisting of five legislations will be completed.
The remaining four pieces of legislation are already in parliament and will be discussed before the House Finance Committee today.
The government had assured that it would have prepared the insolvency framework by the end of December. This was not done and the opposition parties, three days after Cyprus secured the tranche of €350 million by the international creditors, approved the suspension of the foreclosures law.
This led to a postponement of the assessment of the adjustment program and a suspension of the disbursement of the tranche of €86 million from the IMF.
In his statements to StockWatch, government spokesman, Nicos Christodoulides, said President Anastasiades will appeal to the party leaders not to implement their intention for a further suspension of the foreclosures law, as such decision could leave Cyprus outside the quantitative easing program of the ECB.
In order to qualify for participation in the ECB program, Cyprus should meet its obligations under the loan agreement and to receive a positive assessment by the international creditors.
Technocratic team in Cyprus
The technocratic team of the international creditors arriving in Cyprus tomorrow will reiterate the memorandum commitments of Cyprus.
The issues that will be put on the table are the controversial foreclosures law, the GHS, the public finances, the modernization of the public sector and privatizations.
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