House approves crucial bill on the sale of loans

Η κυπριακή Βουλή. Φωτογραφία ΚΥΠΕ

The House of Representatives approved on Thursday, by a slim majority, a crucial bill enabling the sale of loans, which had been set as prior action for the conclusion of the eighth review of Cyprus` €10 billion financial assistance package.

Twenty six present MPs of the ruling right-wing Democratic Rally (DISI) and the centre Democratic Party (DIKO) voted for the bill and 25 MPs of the main opposition left-wing AKEL party, the Social Democrats (EDEK), the Green party, the European Party and MP Zaharias Koulias voted against.

The House plenary approved by majority vote the amendments tabled by DISI and DIKO and rejected the amendments tabled by AKEL, EDEK, the Green party and the People`s Alliance.

Cyprus` lenders, the European Commission, the European Central Bank and the IMF collectively known as the Troika, consider this bill as a necessary component for the conclusion of a toolkit of measures to assist the reduction the non-performing loans which amount to €28 billion or 48% of the total loans in the Cypriot banking system.

The bill, which should have been approved in September, is considered to be among the prior actions set by the Troika for the disbursement of the ninth and last tranche of the Cypriot programme, expected to take place in early 2016. The eighth review is expected to conclude tomorrow.


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