Georgiades warns lawmakers not to suspend foreclosure law


By Stelios Orphanides

Finance minister Harris Georgiades said that a possible parliament decision preventing the foreclosure from coming into force, or changing the situation, would terminate the procedure for the imbursement of the next bailout tranche scheduled for December 15.

Georgiades who was talking to lawmakers of the finance committee today who are debating on proposed laws aiming at suspending the foreclosure legislation from coming into force, asked the government to refrain from “steps which will cause us problems without providing any practical benefit” .

The government, he said, has sufficient funds to cover public payroll payments in December, including the so called “13th salary”, paid to public sector workers short before Christmas and the next opportunity for Cyprus to receive the next tranche of bailout money would not be before next spring.

Georgiades added that it would take months before any foreclosures would take place as before the implementation of the law, regulations have to be approved.


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