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Troika awaiting Cypriot foreclosure law details

FXStreet (Łódź) - EU officials informed on Monday that the Troika hasn't received the new Cypriot bill adopted on Saturday, speeding up foreclosures on business loans and mortgages and aimed at making way for the release on the next, 10 billion euro tranche of bailout money.

The controversial bill allows financial institutions to seize delinquent borrowers' properties already after two years, and not after 15 years as it is currently established.

The EU stressed that the disbursement of aid, which could be approved at the Eurogroup meeting on Friday, couldn't be done without the details of the foreclosure law.

The Irish and Greek bailout proceedings are also to be discussed during the Eurogroup meeting.

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Pound sees no relief - FXStreet

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