Cyprus finance minister rules out blanket freeze on foreclosures
Finance Minister Makis Keravnos on Tuesday ruled out discussions on a blanket freeze of foreclosures, following a meeting with a Disy delegation led by party president and house speaker Annita Demetriou.
The minister stressed that decisions on foreclosures must be reasonable and balanced, warning against measures that could create further economic problems.
“We are being monitored by rating agencies, we are being monitored by the European Union and the institutions from which we have borrowed and which assess us,” he said.
He made clear that broad interventions regarding foreclosures are currently off the table, specifically ruling out any attempt to implement a universal freeze.
“Therefore, horizontal issues regarding foreclosures, with a freeze of foreclosures at this time, should not be discussed,” he said.
Instead, Keravnos emphasised the need to strengthen the existing institutional framework governing the handling of distressed loans and property repossessions.
“We must strengthen the role of the Financial Commissioner so that we resolve problems without putting our economy at risk,” he said.
The minister also said that the government is closely monitoring regional geopolitical developments and their potential economic impact.
“We are running various scenarios on a daily basis regarding the potential possible impacts on the economy due to developments in our region,” he stated.
His remarks come amid heightened uncertainty in the broader region, with authorities assessing possible risks to economic stability and financial conditions in Cyprus.
In addition, Keravnos referred to concerns over foot-and-mouth disease, stressing the importance of immediate action.
“Immediate and decisive measures must be taken to reduce any threat,” he said.
Indeed, four Slovak veterinarians arrived in Cyprus this week and received temporary licences to assist in culling, sampling, and epidemiological investigations following a foot and mouth disease outbreak that reached 42 affected farms.
As the disease spread to a third district, the government underlined the urgent need for strict protocol adherence and highlighted a €28 million support package for impacted farmers.