Cyprus Mail

Church selling land to pay off debt

Archbishop Chrysostomos

The Church of Cyprus is planning to sell land to pay off some 100mln in debt to the banks, the Archbishop said on Friday.

“We have already made deals. We are now ready to sell some property to repay debts and start investing,” Chrysostomos told state radio CyBC.

The head of the Church said the Archbishopric owed some €100mln, mostly because of investing in banks.

“We believed in the banks, we invested in banks continuously, and in the end they collapsed,” he said.

The Church has shares in Bank of Cyprus and was a major shareholder in Hellenic Bank.

Apart from banking, the Church is also involved in the hotel industry, beer and wine-making, and water bottling.

Chrysostomos said to him, tourism was the most important sector.

“We have seen everything collapse in the past three-four years apart from tourism,” he said.

Towards that end, the Church planned to extend a hotel they owed in Ayia Napa, a project they had delayed for two years due to lack of liquidity.

That project is expected to start after the summer season, sometime in November.



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