TTr­rooi­ikkaa tt oo ssi­immp­plli­iffyy pprrooc­ceessss ffoorr nne­exxtt ttr­raan­nc­ch­hee

Financial Mirror (Cyprus) - - FRONT PAGE -

The Troika of in­ter­na­tional lenders will sim­plify pro­ce­dures for the dis­burse­ment of the sixth tranche of the fi­nan­cial as­sis­tance pack­age, es­ti­mated at 436 mln euros, after the au­thor­i­ties failed to meet the pre­con­di­tions for the next dis­burse­ment by pass­ing a new bill on fore­clo­sures.

How­ever, par­lia­ment ap­proved a wa­tered-down bill along with a se­ries of amend­ments which were deemed by the Troika as non-com­pli­ant with the bailout pro­gramme’s re­quire­ments. As a re­sult, the next dis­burse­ment was dropped from the agenda of the Eurogroup meet­ing in Mi­lan last Fri­day.

Un­der the nor­mal pro­ce­dure the Eurogroup would have to con­vene and autho­rise the Euro­pean Sta­bil­ity Mech­a­nism to ap­prove the dis­burse­ment of the next tranche, whereas in this case a Eurogroup meet­ing will not be nec­es­sary.

The com­pli­ance with the pro­gramme re­quire­ments hinges upon the re­sult of the Supreme Court which will con­vene to as­sess whether four bills ap­proved by the par­lia­ment and re­ferred by Pres­i­dent Anas­tasi­ades com­ply with the con­sti­tu­tion. The Supreme Court will con­vene on Oc­to­ber 20.

Mean­while, the par­lia­ment is ex­pected to con­vene to de­bate two bills re­ferred by the Pres­i­dent. In case the par­lia­ment ap­proves the bills once more, the Pres­i­dent will have to sign the bills into law or re­fer them to the Supreme Court to de­cide on the dis­pute.

The Supreme Court on Tues­day is­sued a timetable of the process to be fol­lowed in­clud­ing the sub­mis­sion of writ­ten ar­gu­ments from both sides. Coun­sel for the House of Rep­re­sen­ta­tives will have to sub­mit their ob­jec­tions to the re­fer­rals by Septem­ber 26. At­tor­ney Gen­eral Costas Clerides will have to sub­mit his writ­ten ar­gu­ments on Oc­to­ber 3 and coun­sel for the House again on Oc­to­ber 13. Clerides is then en­ti­tled to sub­mit his writ­ten re­sponse on Oc­to­ber 17.

An­nounc­ing the Oc­to­ber 20 hear­ing, Supreme Court Pres­i­dent My­ronas Ni­co­latos said that the Court will con­clude the re­view of all four re­fer­rals on that day and will re­serve its opin­ion.

At the same time, the At­tor­ney Gen­eral noted that se­ri­ous le­gal, con­sti­tu­tional and state mat­ters have been raised for the re­view of which a cer­tain amount of time will be nec­es­sary. In his re­fer­rals to the Supreme Court, he said, the Pres­i­dent raises eight dif­fer­ent con­sti­tu­tional vi­o­la­tions.

Dur­ing the hear­ing, one of the three le­gal coun­sel for the House of Rep­re­sen­ta­tives, Chris­tos Clerides, re­ferred to the eight points, which as he said have to do with the right to prop­erty, the free­dom to prac­tice a pro­fes­sion, the right to en­ter into a con­tract, equal­ity be­fore the law, ac­cess to jus­tice, sep­a­ra­tion of pow­ers, the right for the other side to be heard and when a law can be put into ef­fect.

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