Foreclosure

Greece?s courts will be closed from Tuesday until July 8, according to instructions issued on Monday by Justice Minister Nikos Paraskevopoulos.

Protothema.gr on Tuesday reports that Greek PM Alexis Tsipras will unveil a set of measures on Thursday aimed to combat tax evasion and replenish almost empty state coffers – a stepped up bid by Greece’s leftist government to prove to European creditors that it’s now serious about reforms.

The cabinet is expected to meet Thursday to discuss the details of a reform multi-bill the government is preparing in the hope that it will accelerate the conclusion of negotiations with lenders and the disbursement of further bailout funding.

International lenders began talks in Cyprus on Monday to try to pave the way for a resumption of bailout payments after the island passed a law on foreclosure of bad loans.

Cyprus?s Central Bank said that technical banking teams from the European Union, the International Monetary Fund and the European Central Bank would be on the island until Thursday, and again from May 6.

EU Economic and Monetary Affairs Commissioner Pierre Moscovici gave this speech following the Eurogroup meeting on Friday, April 24:

Time is running out. But our determination to reach a positive outcome is as strong as ever. So let's step up a gear and bring this process to a successful conclusion, in the interests of the Greek people and of all Europeans.

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By George Georgiopoulos

Greece's draft law to protect primary residences from foreclosures goes beyond protecting low-income debtors and could encourage strategic defaults, the European Central Bank said in a legal opinion on Saturday in a potential setback to the plan.

The Greek government will reportedly unveil a plan to offer a 100-payment scheme to taxpayers owing debts to the state, part of a much-heralded pledge by the leftist SYRIZA when it was in the opposition.

The International Monetary Fund on Thursday said it could no longer release funds to Cyprus under its bailout this week, after the euro zone government suspended a foreclosure law that was required under the loan program.

Cyprus said on Tuesday it hopes to re-establish a flow of aid from international lenders after some issues were resolved in a disputed foreclosures bill that lenders demanded for funds to be released.