NICOSIA, Cyprus (AP) - International creditors are urging Cypriot authorities to keep their word and push through crucial foreclosure laws.
NICOSIA, Cyprus (AP) — International creditors are urging Cypriot authorities to keep their word and push through crucial foreclosure laws.
In a statement Friday, officials from the European Commission, the European Central Bank and the International Monetary Fund said they couldn't complete the latest review of Cyprus' financial rescue program because the foreclosure laws haven't been implemented yet.
Cyprus has won plaudits over five previous reviews for its adherence to the terms of the 10 billion-euro ($1.14 billion) bailout it got nearly two years ago, that saved the country from bankruptcy.
But lawmakers have delayed implementation of foreclosure legislation until March. The legislation aims at helping ailing banks collect on a huge number of sour loans.
Lawmakers though want to have insolvency laws in place to protect small debtors from losing their homes.