Foreclosure

Cyprus needs to speed up its tackling of the bad loans held by banks and could see privatization plans sapped by politics next year, a source familiar with the thinking of the international organizations policing the country's economic reforms said.

The union representing Greek notaries on Tuesday called on its members to continue their boycott on foreclosures of first homes at courts on Wednesday.

The New York Times published piece on the ordeal Greek homeowners experience during the process of foreclosures on their properties. The newspaper’s contributor, Niki Kitsantonis conveys the horrifying realities of ordinary people in an article entitled “Greek Homeowners Scramble as Repossession Looms: ‘It’s Like a Horror Movie”.

Banks are proposing that foreclosures should be done electronically in a bid to overcome the resistance put up by a growing movement blocking repossessions at courts around the country.

If adopted, the idea would mean that the physical presence of notaries - one of the main targets of protesters - would not be required.

The union representing Greek notaries on Tuesday called on its members to continue their boycott on foreclosures of first homes at courts on Wednesday.

The coalition is searching for a way to prevent primary residences from being seized to pay off debts to the state, as confiscations have resumed following a hiatus, just before the start of SYRIZA's party congress on Thursday.

The Greek government and major opposition party New Democracy (ND) are embroiled in a heated dispute over the ongoing property forecloses and the enraged response by property owners across the country, following the government’s plans to introduce amendments protecting main residence owners facing the threat of foreclosure.

The government plans to suspend foreclosure procedures of primary residences for debts to the state until late 2017, according to reports Wednesday.

Reports said a proposed amendment aims to harmonize legislation on home foreclosures for arrears to the state with existing regulations regarding debt to banks, which protect primary residences on the basis of income and other criteria.

The union representing Greek notaries announced on Monday that its members would not be attending planned foreclosure hearings in Greek courts on Wednesday, amid growing public protests.

It also called on the government to clarify the legal situation regarding repossessions, especially relating to primary residences, "to ensure the legality and smoothness of the proceedings."

A people’s movement against foreclosures of underprivileged citizens’ by the Greek state is gaining momentum, after a series of protests inside court rooms, ruling on cases of property seizures, resulted in physical confrontation with police.