The Immovable Property Commission (IPC) in the north – charged with compensating Greek Cypriots who lost their property during 1974 – is no longer able to pay out compensations, due to a lack of funds.
According to the IPC’s head, Ayfer Erkmen, Turkey has stopped financing the Commission, which was set up following the decisions of the European Court of Human Rights (ECHR).
A total of 6,327 Greek Cypriots have applied to the IPC for the sale of their property, with the IPC having so far concluded 837 of the applications, and having paid out a total of GBP £179.3 million (€202.1 million).
“In order to be able to conclude the remaining applications, the Commission needs about GBP £2 billion,” Erkmen said.
However, Turkey, prior to providing additional funds to the IPC, demands Turkish Cypriot authorities implement a regulation that foresees contributions being made from the Turkish Cypriots.
As a result, the number of...