President Christodoulides refers back legislation regarding borrower protections

President Nikos Christodoulides has referred back a legislative proposal submitted by AKEL and the Green Party. The proposed law aimed to provide borrowers with access to legal recourse in cases of illegal charges and abusive contractual terms. The legislation sought to suspend foreclosure proceedings until the exact outstanding balance of a loan is legally determined. The AKEL party expressed strong opposition to the president's decision, characterizing it as a continuation of policies from the Anastasiades-DISY era that prioritize the interests of banks and credit acquisition funds. AKEL further alleged that the president is ignoring public demand for reform and failing to align Cyprus with broader European legislation regarding borrower rights. The party claims that the current refusal makes Cyprus an exception within the European Union regarding legal access for borrowers. The government’s move is part of a broader set of five referred laws concerning foreclosures. AKEL maintains that legislative intervention is necessary to protect the fundamental right to housing.