Brussels, 31/10/2014 (Agence Europe) - On Friday 31 October 2014, the Cypriot supreme court ruled that four recently adopted and related foreclosure laws are anti-constitutional.
The troika of lenders (European Commission, European Central Bank and International Monetary Fund) said the four laws aimed to reduce the scope of the foreclosure legislation and deemed that suspension of the four laws was a 'prior action' to be completed before any further aid payments could be made by the IMF or the European Stability Mechanism (ESM). The Council's 'eurozone group' was instructed by Eurogroup to monitor the situation in Cyprus and is now expected to give the go-ahead for payment of €350 million in aid from the ESM. A further €86 million is expected from the IMF. (EL)