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Despite the House of Representatives having passed the bills by a majority on Saturday, September 6, Anastasiades last week referred four pieces of legislation to the Supreme Court, deeming them unconstitutional.

The Cyprus Mail reports that, furthermore, the President has sent back two other related items to Parliament. Collectively, the six items comprise clauses viewed as being incommensurate with the aim of accelerating foreclosures proceedings, critical in allowing banks to recover non-performing loans amounting to billions of euros.

At a meeting of Eurozone Finance Ministers – held on Friday September 12 – it was agreed that Cyprus would not be eligible for the next tranche of financial assistance, pending reconciliation of the six contentious pieces of legislation.

The next deadline that the Government must contend with is the scheduled Eurogroup meeting of October 13. Whilst stressing the severity of the situation, Finance Minister Harris Georgiades has nevertheless assured the public that until the next tranche is released the island is financially sound and is not at risk of default.

Government sources have explained that upon resolving the foreclosures issue, Cyprus will have only two more major hurdles to overcome: the privatisation of semi-government bodies and the adoption of the NHS.