Cypriots protest proposed foreclosures legislation mandated by bailed-out country’s creditors

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NICOSIA, Cyprus – Hundreds of Cypriots have staged a protest outside the presidential palace against proposed legislation aimed at helping the bailed-out country’s beleaguered banks collect on bad loans.

Wednesday’s protest by mostly left-wing groups comes ahead of a parliamentary vote on the legislation, which would allow banks to go after debtor’s properties faster if they don’t pay their mortgage costs.

Cyprus currently has a very lengthy foreclosures process and many bad loans.

Its international creditors say the legislation, which is meeting stiff resistance from several parties, is necessary for the country to collect its next batch of bailout money.

Protest organizers said they “aren’t at all convinced” by President Nicos Anastasiades’ assurances that those who lost jobs or saw their income dwindle during the country’s financial crisis won’t lose their homes.

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