NICOSIA Cheap DeAndre' Bembry Jersey , Sept. 10 (Xinhua) -- Cyprus has been notified by international lenders that they have put on hold further bailout assistance until the government clarifies its position on foreclosures legislation passed by parliament, Finance Minister Haris Georgiades said on Wednesday.


A European Commission spokesman said parts of the legislation voted as a package by parliament on Saturday are not compatible with the requirements of the bailout pact.


Cyprus expected to receive 436 million euros (about 562 million U.S. dollars) by the end of September, as part of a 10-billion-euro bailout agreed in March, 2013 Cheap Mike Muscala Jersey , following the passage of the foreclosures bill, made by its lenders a precondition for the release of the tranche.


"Unfortunately, initial euphoria over the passage of the legislation is not justified. We have been told by the troika that further financial assistance has been suspended because of unnecessary action by parliament," Georgiades said.


Troika is the collective name by which the European Commission Cheap Kent Bazemore Jersey , the European Central Bank and the International Monetary Fund (IMF) are collectively known.


Along with the core foreclosures legislation demanded by the troika opposition parties which are in the majority in parliament pushed through six bills designed to offer protection to small debtors against losing their mortgaged primary residence or small business premises.


President Nicos Anastasiades announced on Wednesday that he is asking the High Court to issue an opinion on four of the bills which are considered by his legal advisor to either contravene constitutional provisions or the European law.


Georgiades said suspension of further financial will not affect the ability of the government to finance is operations for the time being, but is a reversal of an up to now remarkable economic adjustment course.


"It is a very unfortunate development as it comes at a time when the economy performed better in the first half this year for the first time since 2011, unemployment has decreased relative to any of the previous months or on year-on-year basis and Cyprus is one year ahead of all projections to returning to the international markets," said Georgiades.


A working group of the eurozone which was to make recommendations to a finance ministers' meeting of Friday said it has cancelled a planned meeting in anticipation of the Cypriot government's explanations Cheap John Collins Jersey , expected by the end of Thursday, as to how it will handle the issue.


An official statement said President Anastasiades is in constant consultation with EU officials and leaders on the issue, though "reliable sources" quoted by the state-run Cyprus News Agency said that this effort is not expected unlock the next tranche- 350 million euros by the European Stability Mechanism and 86 million euros by the IMF. (1 euro = 1.29 U.S. dollars)


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