OPPOSITION MPs voted to extend the suspension of the foreclosures bill until the 2nd March at a plenary session of the Cyprus parliament earlier this afternoon.
The motion to suspend was carried by 27 votes in favour, 19 against.
The main opposition party AKEL had earlier tabled a proposal to extend the suspension until 1st July. Both this and another proposal put forward by the Greens to extend the suspension until 1st June were defeated.
The vote by opposition MPs may have thrown the Cyprus economic adjustment program into chaos.
The International Monetary fund has already withheld €86 million of a bailout tranche due to the delay in implementing the foreclosures bill.
Commenting on an earlier vote to suspend the bill in December, Finance Minister Harris Georgiades said that the decision by parliament had critically undermined the credibility of Cyprus.
How can you trust anyone who breaches the terms of their previously agreed contract by failing to comply with their obligations?
It seems that opposition parties are determined to follow the example set by the new government in Greece, no doubt taking courage from its stance in opposing their country’s agreed bailout conditions.
Author: Nigel Howarth, news.cyprus-property-buyers.com