Foreclosure

Tuesday marked the end of the most recent three-month suspension of property auctions in Cyprus, imposed by a resolution of the House of Representatives in Nicosia. Starting on Wednesday, numerous foreclosure letters are expected to be sent out.

Red loan management companies are looking for ways to break out of the impasse in the execution of foreclosure auctions, after the government's refusal to resolve the issue by interpreting the existing law.

The government and its creditors have clinched an agreement that will remove restrictions on foreclosure auctions for all properties on June 1, including primary residences, sources told the Athens-Macedonian News Agency on Sunday.

Finance minister Christos Staikouras welcomed the results of the historic Eurogroup pandemic rescue package which he depicted as a satisfactory but hardly optimal compromise.

Staikouras said that Greece's three main demands were met.

The first is direct liquidity for businesses which will not be laid out through banks.

Leftist opposition SYRIZA on Monday presented a 10-point plan to shield the economy from the effects of the coronavirus epidemic, drawing on funds from the cash buffer left over from Greece's bailout, and European Union and European Central Bank resources.

Greece's creditors appear ready to agree to a solution on foreclosures in the form of a housing benefit for people in need that would not be associated with the protection of debtors' main residence.

The political quarrel between Adonis Georgiadis and the center-left Movement for Change alliance (KINAL) following the conservative development and investments minister's remarks regarding measures protecting primary residences against foreclosure has in a peculiar way underscored the need for a reliable centrist party as a tool for monitoring, evaluating and comparing political and economic de

A luxury hotel with 553 rooms and 1,209 beds in the resort town of Kemer will be auctioned for a minimum value of 144 million Turkish Liras (nearly $24.4 million).

The appraised value of the property, which also includes thousands of trees and ornamental plants, is twice as much of the minimum auction value, according to a report prepared as part of a foreclosure decree.

Banks are now able to efficiently sift through the applications pending for protection of primary residences from foreclosure, as on Friday the online platform for that purpose was launched, tightening the noose around strategic defaulters.

The European Commission has approved Greece's home protection scheme, which supports householders who cannot meet mortgage payments and are at risk of losing their primary residence.
The Commission said on Thursday the scheme did not violate state aid rules.