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Cyprus: AKEL Accuses Opposition Parties of Blocking Foreclosure Protection in European Parliament

Published March 11, 2026, 14:13
Cyprus: AKEL Accuses Opposition Parties of Blocking Foreclosure Protection in European Parliament

AKEL has accused DISY, DIKO, and ELAM of rejecting an amendment in the European Parliament concerning foreclosures. The amendment aimed to suspend foreclosures during ongoing court proceedings, in accordance with Directive 93/13/EEC. AKEL argues that the rejection reveals the priorities of political groups favoring banks and credit management companies, and questions whether the same parties will adopt a similar stance in the Cypriot Parliament. Furthermore, AKEL states that other amendments aimed at protecting borrowers were also rejected, such as debt forgiveness in cases of primary residence foreclosure and a property tax on assets exceeding a certain threshold.