Is this what the President heard from society that he should act as servants of the banks?

Statement by AKEL C.C. Spokesperson Giorgos Koukoumas

14 July 2023, AKEL C.C. Press Office, Nicosia

Yesterday’s vote in Parliament on foreclosures have revealed and disclosed a lot. The parties supporting the government aligned themselves with DISY and the Christodoulides government. They all together sided with the banks and hedge funds. The front of DISY and DIKO has now been joined by DIPA and the President of EDEK who, with their back flipping and tricks, determined the outcome [of the vote] by preventing the approval of the bill of law which sought to establish a minimal protective shield for borrowers against the aggressive actions of the banks.

The bill of law was supported by AKEL together with other parties and MP’s so that borrowers would have the constitutionally guaranteed right to have effective access to a court order setting aside ongoing foreclosure proceedings against their property. Those who voted against our proposal must reply to the following question: In which democratic state governed by the rule of law are banks and loan purchasing/management companies left undisturbed to sell off properties for loans to which they have arbitrarily and illegally imposed overcharges and unfair clauses?

How much do they in the end take into account the Constitution and the right of access to court, the European directives on unfair clauses, the international conventions protecting the right to housing?

As for the government that put binders and shackles on to prevent the passage of this proposal, they should answer the following question: One wonders, is this what Mr. Christodoulides heard from society – that he should act as a servant of the banks and hedge funds, like his Party and his predecessor?

AKEL calls on the MP’s who supported the bill of law to continue the effort to protect borrowers and to put a brake on what banks and loan companies are committing every day to the detriment of society.