Philenews

DIKO Proposes Comprehensive Solution for Foreclosures and Support for Livestock Farming

Published February 27, 2026, 12:14
DIKO Proposes Comprehensive Solution for Foreclosures and Support for Livestock Farming

The Democratic Party (DIKO) has submitted a bill to Parliament for a comprehensive solution to the issue of foreclosures in Cyprus and rapid support for livestock farming. The proposal provides for the possibility for the Supreme Court to appoint special judges to hear financial disputes involving borrowers, guarantors and creditors, with the aim of quickly and substantially resolving cases. According to the proposal, mortgaged debtors will be entitled to request a suspension of the foreclosure notice for up to nine months, creating incentives for a speedy hearing or a compromise solution. DIKO argues that this framework protects compliant borrowers and prevents abuse by bad faith debtors. At the same time, DIKO sent a letter to the Banks Association and the two largest banks in Cyprus, requesting a suspension of interest and charges for livestock farms affected by foot-and-mouth disease. The party describes the intervention as necessary due to the economic impact of the disease and calls for an immediate response from banking institutions. The president of DIKO, Nikolas Papadopoulos, stated that the current economic picture of Cyprus allows for a complete solution to the foreclosure issue and stressed the importance of cooperation between the executive and judicial branches to address the problem.