DISY and DIKO, along with the government, have left citizens at the mercy of the banks’ arbitrariness
Statement by AKEL C.C. Spokesperson Stefanos Stefanou
AKEL C.C. Press Office, 21 May 2019, Nicosia
- At the same time as the government is insisting on its “success story” on the economy,
- At the same time as certain privileged few are getting richer with the “golden passports” scheme and the business of granting citizenship,
- At the time as the Republic of Cyprus is being exposed internationally due to the “golden passports” policy,
- At the time as “bubbles” in the economy are once again being created with the construction of expensive towers/skyscrapers without any studies concerning their environmental and economic feasibility,
many of our fellow citizens are confronted with the danger of losing their primary family home or small business premise.
According to data released by the Central Bank from the second half of 2016 to the end of 2018, banks sent letters for foreclosures of around 8,000 properties, many of which are family homes or small business premises.
Due to the legislation voted by DISY and DIKO, the aggressiveness of the banks has intensified, and consistent borrowers have been left unprotected and are at the mercy of their arbitrariness.
The situation with foreclosures is expected to become even worse as the implementation of electronic auctions, which were also voted by the DISY-DIKO twin, is imminent.
Developments with regards foreclosures and the loss of the primary family home reveal that everything promised to borrowers and guarantors by the government and its backers in the House of Representatives was yet another of the numerous lies that have been told to the Cypriot people.
