Government mass sales of loans will lead to transfer of national wealth to foreign capital

 

Statement of Georgos Loucaides, AKEL C.C. Spokesperson

AKEL C.C. Press Office, 4th May 2015, Nicosia

 

The Government confirms through its actions that it has a clear position on the sale of loans. It supports through its actions the selling off of public and private property to foreign capital. Already the Central Bank, according to the Cyprus Press Agency, has prepared a draft bill.

After completing the legislative framework for the foreclosures a series of Government actions will follow for the sale of loans to foreign investment funds. AKEL had on many occasions issued warnings in the past about the dangers from the mass sales of loans. Today we reiterate our strong disagreement. Such practices are very dangerous, primarily for society, but also for the Cyprus economy. The only people who will benefit are the investment funds abroad who would speculate against the people, massively buying properties at humiliating prices in order to sell them later for profit. As a result the country will experience the forceful transfer of national wealth from the average citizen to large multinational capital, also including the interests of Turkish capital.

AKEL has tabled a draft bill in the House of Representatives that will prohibit the mass sales of loans relating to the primary family home and the small commercial premise.