By Stelios Orphanides
Euro area finance ministers may approve the disbursement of the next tranche of bailout funds to Cyprus worth 350 million euros, as Cyprus meets the foreclosure criteria set out by international creditors, Reuters reported today citing a document prepared ahead of today’s eurogroup meeting.
The disbursement would be recommended as long as the situation remained unchanged, Reuters reported.
On October 31, the Supreme Court ruled four bills accompanying the foreclosures legislation past by the parliament more than two months ago were unconstitutional, as they watered down the new law, aiming at speeding up compulsory foreclosures procedures that may take ten years or longer. International lenders, who objected the bills, froze Cyprus’s financing in response.