Dialogos

AKEL Denounces 'Voracious' Foreclosure System with Government Support

Published January 12, 2026, 16:00
AKEL Denounces 'Voracious' Foreclosure System with Government Support

AKEL is denouncing a 'voracious' foreclosure system with 'government support' and calling for an immediate change to the legal framework to protect borrowers. MP Andreas Kavkalias emphasized that despite the existence of institutions such as the Unified Extrajudicial Resolution of Disputes and the Financial Commissioner, borrowers remain unprotected and are deprived of access to justice. AKEL accuses the government of inaction and blatant favouritism towards banks, insisting that the existing legal framework is heavily biased in favour of banks. It also criticizes the government for the delay in implementing Special Courts. The party is promoting a bill to restore borrowers' right to appeal to the courts before the foreclosure process begins. It believes that changing the legal framework is essential to ensure fair settlements and protect the rights of borrowers.