The Finance Minister told the
Speaking after a meeting with the Troika mission heads at the Parliament, Papadopoulos said that
"The Finance Minister told us that so far there is no agreement on the foreclosure legislation," he said, but added that "this does not mean that there is no chance for an agreement to be reached in the coming days".
However, he admitted that passing this legislation through the House would be a precondition for the disbursement of the sixth bailout tranche.
According to Papadopoulos, the Troika officials said that "there are positive developments and the implementation of the Memorandum is progressing well".
However, speaking on behalf of his DIKO party, he noted the high percentage of non-performing loans (NPLs), the lack of liquidity in the banking sector, as well as the high unemployment rate.
"We must find ways to deal with the high percentage of NPLs," he said, pointing out that the implementation of the part of the Memorandum concerning the banking sector is not progressing well.
The problems will not be solved through foreclosures, he noted.
Opposition AKEL MP
NPLs must not be addressed all in the same way, he said, noting that massive foreclosures will lead to a reduction of real estate prices, a drop in the values of mortgages and an increase in the bad debts of the banks, in turn.
"We need measures and procedures that will give the banks tools to deal with big debtors and those who can repay their loans but are not doing so, protecting at the same time vulnerable borrowers," he added.
He said that the government and parliament must insist on the foreclosure legislation to target those who can repay their loans but are not doing so.
The Troika mission arrived in
So far the country has had four positive programme reviews.
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