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-Cyprus could face consequences because of foreclosure rule changes

Jul 15, 2019 - Global Banking News

Global Banking News - 15 July 2019

Cyprus finance minister Harris Georgiades has warned that Cyprus could have to face consequences over the parliament's decision to amend the law on foreclosures.

The change in laws has effectively made it difficult for banks to collect their dues. Georgiades has called on president Nicos Anastasiades to veto the bills and said that foreclosure procedures would take years if the bills were signed into law.

The minister said, 'If we insist on th...