AKEL warns of the tsunami of imminent foreclosures

Statement by Yiorgos Loucaides AKEL-Left-New Forces Parliamentary Representative on the imminent tsunami of foreclosures

AKEL C.C. Press Office, 29 January 2019, Nicosia

Citizens remain completely unprotected from the “tsunami” of imminent foreclosures, as even those forces who voted for the existing legislative framework in favour of the banks are now themselves warning. Neither does the insolvency framework cover them as everyone admitts, nor does the draft Estia scheme cover the most vulnerable borrowers. The borrowers can’t even appeal to the court during the final stage of the foreclosure.

AKEL reiterates the need to promote measures to protect borrowers-victims of the banking crisis so that families won’t be thrown on to the streets, as would have been the case last week if we did not have the intervention by the financial commissioner. The leaderships of DISY and DIKO, as well as the Anastasiades government, should start thinking more about the citizens and not about the interests of the banks.