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Insolvency just before Eurogroup

02/04/2015 11:40
A new suspension of the foreclosures law until April 17 was voted today by the parliament, just before the Eurogroup meeting of April 23, as the plenary approved by majority a bill of the Democratic Party.

An extraordinary plenary session will be held on the same day in which all five bills that will govern the insolvency framework will be tabled.

Their approval will strengthen the position of Finance Minister Harris Georgiades at the Eurogroup.

Overall, 31 MPs from DISY, DIKO and EDEK were in favour of DIKO’s bill.

The 20 MPs from AKEL, the Ecologists, the Citizens’ Alliance and the independent MP Zacharias Koulias abstained.

DISY withdrew its bill on the exemption of the main residence until April 3.

AKEL tabled an amendment to suspend the foreclosures law until July 1 and EDEK a second amendment to suspend foreclosures until April 23. Both amendments were rejected.

AKEL via MP Giorgos Loucaides argued that the repetitive suspensions of the law are unreasonable pointing out that the President of the Republic never signed the suspension of the law.

EDEK MP Nicos Nicolaides noted that if there is no conclusion in relation to the insolvency framework by April 23, the parties will be given time for better handling of the foreclosures law.

DISY president Averof Neophytou said that DISY supports DIKO’s bill, stressing the need for an extraordinary plenary on the 17th of the month.

DIKO president, Nicolas Papadopoulos noted that there was agreement in the committee for extraordinary plenary, however, many MPs will not be present on April 23 due to missions abroad.

The House Interior and Finance Committees will hold an extraordinary meeting on Monday to discuss the amendments of the parties while new clarifications from the parties will be requested.

International creditors have told the Cypriot authorities that any changes to the bills should be compatible with the memorandum.