The government refuses suspension of foreclosures to serve powerful interests

Statement by the AKEL Nicosia/Kyrenia District Secretary and MP Christos Christofides

2 August 2021, AKEL C.C. Press Office, Nicosia

Mr. Anastasiades’ decision not to sign the law, which was approved by an overwhelming majority in the House of Representatives to extend the targeted suspension of foreclosures, leads, as expected, to an acceleration of foreclosure procedures by the banks and credit purchase companies (investment funds).

Already, according to press reports, notices have been sent out for the sale of several hundred properties at a very difficult time for society because of the new outbreak of the pandemic and, by extension, a particularly difficult period for the economy too.

It is now quite clear that the insistence of the government and DISY leadership not to accept the suspension of foreclosures serves the powerful financial interests of the banks and investment funds.

This is clear, especially after the letter that was sent by the European Central Bank which dispels the government’s scaremongering and completely exposes all the government’s narrative about an imminent catastrophe.

The truth is that neither the economy will face problems with the suspension of foreclosures, nor will Cyprus’ banking system collapse. The truth is that the only thing the government ruling forces are interested in is serving the powerful interests of the privileged few at the expense of the vast majority of the people.