21/10/2014 11:35
The plenary of the Supreme Court of Cyprus will issue on October 31, at 12.00 noon, its ruling on whether four of the bills passed by the House of Representatives regarding foreclosures are constitutional.
The bills were referred to the Supreme Court by the President of the Republic Nicos Anastasiades after refusing to sign them into law on the grounds that they are unconstitutional despite having passed by the House by a majority on September 6
President of the Court Myronas Nikolatos said that the Court had reserved its decision taking into account "the seriousness and complexity" of the referred foreclosures bills on the one hand and "and the need for speedy administration of justice” on the other hand, in such matters that affect the entire country, as he said.
During today`s court session, both sides presented their arguments on whether the bills are constitutional or not.
Cyprus agreed with its international lenders collectively known as the Troika (EC, ECB, IMF) a €10 billion bailout. So far the country has received five tranches amounting to 5,77 billion from the EU and the IMF.
The 6th Programme tranche was not disbursed in September 2014 (€433 mln) due to non-compliance in introducing legislation on foreclosure as demanded by the Programme partners.
The bills were referred to the Supreme Court by the President of the Republic Nicos Anastasiades after refusing to sign them into law on the grounds that they are unconstitutional despite having passed by the House by a majority on September 6
President of the Court Myronas Nikolatos said that the Court had reserved its decision taking into account "the seriousness and complexity" of the referred foreclosures bills on the one hand and "and the need for speedy administration of justice” on the other hand, in such matters that affect the entire country, as he said.
During today`s court session, both sides presented their arguments on whether the bills are constitutional or not.
Cyprus agreed with its international lenders collectively known as the Troika (EC, ECB, IMF) a €10 billion bailout. So far the country has received five tranches amounting to 5,77 billion from the EU and the IMF.
The 6th Programme tranche was not disbursed in September 2014 (€433 mln) due to non-compliance in introducing legislation on foreclosure as demanded by the Programme partners.
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