Fifth Insolvency Bills Approved
- DATE: Mar 06, 2015
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- CATEGORY: FINANCE
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- AUTHOR: OPulse Admin
The fifth and final bill of the insolvency framework – a legislative package whose completion is expected to see the full implementation of the island’s foreclosures law – has been approved by the House of Representatives, following its submission to Cabinet by the Ministry of Finance on March 3.
The enforcement of the foreclosures legislation is a crucial component of Cyprus’ economic adjustment programme agreement with its international lenders, acting as a precondition for the sixth tranche of international funding of €436 million.
The further suspension of this package would hamper Cyprus’ commendable fiscal progress thus far and impede further efforts for growth, the island’s Finance Minister, Harris Georgiades, has repeatedly explained.
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