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Cyprus court ruling opens way for bailout funds

A woman walks past an ATM at a Bank of Cyprus branch in the capital, Nicosia, on July 30, 2013. Cypriot supreme court rules as unconstitutional on October 31 four bills on bank foreclosuresThe Cypriot supreme court ruled as unconstitutional Friday four bills on bank foreclosures whose passage by parliament prompted international lenders to halt payments on the country’s 10-billion-euro ($12.7-billion) bailout. The decision should open the way for Nicosia to receive the next tranche of 436 million euros, which was blocked last month. The objective of the new law is to streamline bank foreclosures of bad debts as demanded by the troika of lenders, the European Commission, European Central Bank and International Monetary Fund. The law ensures foreclosures cannot be indefinitely delayed, reducing the process from years to months, establishing procedures for valuing properties and auctioning them.

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