Cyprus MPs have voted to reject President Nicos Anastasiades' veto on changes to the foreclosures legislation designed to freeze repossessions of primary residences until October.
President Anastasiades could refer the bills amending the foreclosures law to the Supreme Court following the Attorney General's advice that they are unconstitutional if opposition MPs reject his veto.
Although progress with the construction of the Ayia Napa marina is moving ahead as planned, it seems that more time may be needed to complete some of the infrastructure needed for the project.
Moody’s rating agency has warned that changes to the foreclosure law will lengthen the time it takes for banks to foreclose on properties making it more difficult to reduce their NPLs.
Legal action against the government's decision to award contracts for the Larnaca marina and port to be developed by an Israeli consortium have been filed with the administrative court.
In Larnaca, some 20 – 30 high-rise residential developments and hotels ranging from 10 to 30 stories are in the pipeline with construction expected to begin over the coming years.
The Cyprus banks have the second highest Non-Performing Loan (NPL) ratio in the European Union after Greece, according to the European Banking Authority (EBA) 'Risk Dashboard'.
Political party 'Movement of Social Democracy' (EDEK) is planning to table proposals to freeze all repossessions by the banks as an extra safeguard for vulnerable homeowners who won't be covered 'Estia'.
The Finance Minister and the banking industry have urged MPs to delay voting on changes to foreclosure law at least until we have a picture on whether the Estia debt relief scheme delivers.
The Cyprus Government has promised to provide some financial assistance to a number of Pissouri landslide victims, which is currently affecting about one million square metres southwest of the village centre.
