Cypriot President Anastasiades Comments on Foreclosure Bill

Today, the Council of Ministers authorized the bill on foreclosures and now seeks ratification by the House of Representatives.  Anastasiades made the following statement at the Presidential Palace regarding the required legislation mandated by the nation's global lenders, "The bill safeguards fully the legitimate rights and opportunities of borrowers, the right to address oneself to justice, the right to access to arbitration and the restructuring procedures. The bill provides for a just and reliable manner to determine the value of a said immovable property and it maintains indefinitely a price under which the said property cannot be under foreclosure".

The Republic of Cyprus' leader added, "I would like to believe that in the coming days, we will be able to have a calm and sensible dialogue, that these provisions will be understood and that through our decisions, collectively, we shall ensure that the effort to finally exit this difficult situation will continue".

The President spoke of the island's international market return, "However, in spite of the significant progress achieved so far, I do not believe that we have overcome all our problems. We still have a long way to go".

(Source: www.parikiaki.com)