The government in Cyprus is reportedly doing its best to limit any consequence from the recent foreclosures situation as the Eurogroup has a meeting to discuss the island’s progress in implementing its adjustment program.

The IMF one of Cyprus’ troika lenders, echoed the European Commission yesterday in saying that the laws recently passed by parliament were not compatible with the terms of the bailout.

The foreclosures law is “decisive in tackling the high and rising non-performing loans, resuming the supply of credit, and Cyprus’ return to viable growth,” a spokesman for the IMF stated. “The current package is not compatible with these objectives and we expect to be briefed by the authorities on how they plan to proceed.”

President Nicos Anastasiades has said he would send the two pieces of the legislation deemed to be incompatible with the terms of the bailout back to Parliament. DIKO called on Anastasiades to sign the law linking foreclosures with the implementation of the insolvency framework and prepare legislation regarding the latter as soon as possible, highlighting the need to find common ground without blowing up the Cyprus’ stability program.