Cyprus Mail

Cyprus risks new bailout unless banks get their act together, fiscal watchdog warns

By Stelios Orphanides

Cyprus may have to resort to a new bailout unless the authorities and banks take drastic action to implement reforms that will allow the latter to reduce their non-performing loans (NPLs) and become more efficient, the fiscal watchdog said.

If reform of the banking sector remains incomplete, all efforts made by Cyprus in the past years to stabilise the economy will have gone to waste, Demetris Georgiades, chairman of the fiscal council, tasked with monitoring developments to prevent fiscal derailment told the Cyprus Business Mail.

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