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Foreclosures legislation effective from Friday

The Cyprus parliament has passed the regulations controlling property foreclosures; the law will come into effect tomorrow, smoothing the path for the resumption of bailout loan payments.
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Waiting for the fat lady to sing

The ECB has yet to decide whether the foreclosures legislation passed by MPs earlier this month is sufficient to enable a review of the Cyprus Economic Adjustment Programme to be concluded.
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Cypriot banks to benefit from foreclosure law

In its Credit Outlook, which assesses credit implications of current events, Moody's Investors Service considers the implementation of the foreclosure law is credit positive for Cypriot banks.
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MPs vote to protect home buyers (update)

MPs have voted to protect home buyers who are unable to obtain the deeds and who face the threat of losing their homes if their developer fails to repay his loans or becomes insolvent.
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Foreclosure protection for deed-less buyers

Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.
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Title deed event ‘sold out’

A proposed lecture on the thorny subject of title deeds which is due to take place in Paphos early in December has 'sold out' with all available seats booked within a week of its announcement.
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Do not disrupt bailout programme

The Cyprus Finance Minister has warned MPs to avoid disrupting the bailout programme again urging them not to make any "moves that will only create a problem for us without any practical gains."
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Cyprus bailout tranche approved

Last evening Eurozone finance ministers approved the release of a €350 million bailout tranche to Cyprus as the country had amended laws on foreclosures and forced sales of mortgaged property as agreed in the MoU.
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AKEL moves to suspend foreclosures law

Communist opposition party AKEL has proposed that the law on foreclosures is suspended until June next year to give the authorities sufficient time to prepare the insolvency framework.
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Troika to discuss insolvency framework

A team from the troika is expected to arrive in Cyprus on 10th November for consultations on continuing the €10 billion bailout program and are expected to remain on the island until 14th November.
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Four foreclosure bills unconstitutional

The Cyprus Supreme Court has ruled that four of the six bills voted by parliament on 6th September that limited the effect of the foreclosure bill on low-income groups are unconstitutional.
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No foreclosure law no money

Eurogroup President Jeroen Dijsselbloem told a news conference that putting legislation in place to deal with the high level of non-performing loans (NPLs) is essential for Cyprus to return to financial health.
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Supreme Court focuses on foreclosures

The Cyprus Supreme Court plenary will meet on Tuesday to examine whether four of the bills passed by MPs regarding foreclosures and repossession are in conflict with the island's Constitution.
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EC rejects foreclosures laws

The foreclosures laws passed by the Cyprus parliament last Saturday are incompatible with the requirements of the Memorandum of Understanding (MoU), according to a European Commission spokesman.
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Foreclosures law to Troika

President Anastasiades is to speak with European leaders and officials in efforts to gain their understanding and support for the foreclosures law that was passed by parliament on Saturday.
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Foreclosures bill passed

The controversial foreclosures bill, a pre-condition of Cyprus receiving the next tranche of its bailout from the Troika, was passed by 47 votes at an extraordinary session of Parliament earlier today.
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No repossession of paid for properties

The troika have advised the government that properties that have been paid for but no Title Deeds have been issued could be exempted from repossession under the provisions of the controversial foreclosures bill.
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Banks to target big borrowers first

Banks in Cyprus will not foreclose on homes belonging to vulnerable groups, the bank association said on Monday, as it sought to allay concerns ahead of a vote on a foreclosures bill at the end of this week.
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Foreclosure bill bunfight continues

The debate in the Cyprus parliament on the controversial foreclosure bill continues with opposition parties refusing to support the bill in its present form and calling for a series of amendments.
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Foreclosures bill in the balance

The future of the foreclosures bill, which has to be passed before Cyprus receives the next tranche of the island's bailout, hangs in the balance as ministers continue discussions with political parties.
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