Cyprus Mail

IMF says foreclosure, insolvency law are key bailout terms

By Stelios Orphanides

The International Monetary Fund said the implementation of a modern legislative framework on foreclosures and insolvencies remain “key programme commitments” for Cyprus.

“These steps aim at reducing the high level of non-performing loans, which is essential to restoring growth and job creation in Cyprus,” the IMF said in a statement on its website today.

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