Euro area finance ministers welcome Cyprus program progress

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By Stelios Orphanides

The eurogroup said it welcomed progress in Cyprus’s reform program, following the October 31 Supreme Court ruling that four bills accompanying the foreclosures legislations were unconstitutional.

“Ministers welcomed the progress made by the Cypriot authorities towards establishing an effective legal framework for private debt restructuring,” the finance ministers of the 18-member currency bloc said in a statement on the eurogroup’s website yesterday. “This should pave the way for the completion of the fifth review of the Cypriot programme”.

International lenders suspended Cyprus’s program after the parliament passed more than two months ago together with a legislation aiming at speeding up foreclosure procedures which would often take more than ten years to complete, six other bills which made it less effective.

Lawmakers amended two of the bills, after president Nicos Anastasiades asked them to do so. The president referred the remaining four to the Supreme Court.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]