Cyprus Parliament approves foreclosures law

A significant mobilization by the Cypriot government and the Central Bank of Cyprus this week regarding the framework of foreclosures bore fruit. It primarily aimed to withdraw the "problematic" proposal that, according to the state and banks, would have negative consequences for the Cypriot economy.

On Thursday, the Parliament voted on two out of the four legislative proposals concerning foreclosures, which were included in the package of seven measures sent by the Ministry of Finance to Parliament for the "smooth handling" of the whole issue.

The remaining legislative proposal, which allows debtors to appeal to a competent court to suspend the foreclosure process until the exact amount owed is determined, is expected to be discussed again on Monday, during the last session of the Economy Committee before the summer recess.

By October, there will be an...