By Stelios Orphanides
Finance minister Harris Georgiades said that Cyprus is not facing another real estate bubble, adding that the government is prepared to further help banks reduce their non-performing loan stock by improving the responsiveness of the judiciary.
“Neither the European Central Bank nor the International Monetary Fund would agree with you that we are heading towards a new property bubble,” Georgiades said in an interview on Thursday. “In fact, they take a view which is quite different – that the (price) fall hasn’t even been completed. And I would specially say that this is the view of the ECB”.