I am amazed that Parliament last week has shamefully approved a Bill authorizing banks to compile packages of peoples’ mortgages and sell them at 40-50% less their market value to third-party hedge funds on the global market. Not only borrowers are presently been prosecuted and send to prison for non-performance but many would now also lose their homes through foreclosures.
If so, they would still be held responsible for the outstanding loan balance of their mortgage or “death pledge” as referred to in the industry – for a house they no longer own!
What that means, Cyprus banks and the government wash their hands from social responsibility by forsaking that most vulnerable sector in society. This cop-out would exonerate them by blaming hedge funds for bringing about homelessness in Cyprus. A very cunning political con job indeed!
EU-Troika insisted that Parliament must approve such a Bill or it would not release the next cash payment of the Mnimonio loan; such blackmailing tactics worked well and it was approved to become law of the Land – by one vote!
I hope in next year’s parliamentary elections, the electorate would not forget the homeless and what those petty-politicians have done. By voting with their conscience for the best candidate (not Komma), they would also chastise those who betrayed their trust.
A single vote majority in my view does not represent democracy when dealing with such fundamental constitutional changes and a new revolutionary thinking it’s necessary before the country can hope for a leap forward.
Andreas C Chrysafis
November 16, 2014