Government’s principal objective is protecting the interests of Banks

  

Statement of Georgos Loucaides, AKEL C.C. Press Sopkesperson

AKEL C.C. Press Office, 4th December 2014, Nicosia

 

The Government’s actions so far on the issue of foreclosures reveal that it has no intention of substantially protecting the primary residence and small business premises.

The delay in preparing the legislative framework regarding insolvency and tactical manoeuvring which the government is following in order to undermine the opposition parties efforts to suspend the Law on foreclosures, are proof that the government’s principal objective is to protect the interests of the banks.

The actions of the government are clearly aiming at encouraging investment from speculative funds in the banking sector, given its pledge to safeguard the possibility of a mass selling of loans so that within a short period of time they will be able to register high rates of profit and return, as their representatives indeed admit themselves.

AKEL from the very outset warned of the enormous dangers arising from the potential mass selling of bank loans to speculative organizations for profit, whether domestic or foreign. That is therefore why – together with the parties of the opposition – we have a serious responsibility to prevent the government machinations, by initially blocking the application of the enforcement of the legislation on foreclosures and by subsequently restoring the substantial net of protection for the small debtors, victims of the banking crisis.