AKEL the only Party that defended the safety net for borrowers on insolvency framework

 

Statement of Stavros Evagorou, Deputy Parliamentary Spokesman of AKEL-Left-New Forces

AKEL C.C. Press Office, 20th April 2015, Nicosia

 

Because all those forces who with their vote in Parliament have paved the way for mass foreclosures continue to provoke, AKEL repeats once again:

First: Who the insolvency framework protects is illustrated in the preamble of the basic Law “Under no circumstances (restructuring or foreclosure) the creditor (i.e. the Bank) should not find itself in a worse financial position. On the contrary, if possible it should also benefit.”

Second: All that the framework provides for is light years away on what we voted, with AKEL leading the way, last September as a package of laws protecting citizens from foreclosures. We recall that those laws were in essence cancelled by President Anastasiades, with the promise that citizens will be protected by the insolvency framework. AKEL who took the lead in creating that safety net of protection for borrowers, unfortunately today was in the end the only party that defended that net, which back then all the political parties, except the governing DISY party, had voted in favour for.

Third and more crucial: Who is right will be revealed in just a few months’ time, regarding the content of the insolvency framework when the “express” procedures will begin to operate provided for in the legislation. When that time comes, certain forces must be held accountable to the people for the choices they made.