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Bad loans in Cyprus will not increase, finance minister assures

covermof keravnos
Finance Minister Makis Keravnos

There are no concerns over an increase in bad loans for Cyprus’ banks, Finance Minister Makis Keravnos said on Thursday after a meeting with the European Central Bank’s executive board member Philip Lane.

Speaking to reporters, Keravnos said he believed that by the end of the year, inflation was likely to stabilise.

“I believe it needs patience and a positive outlook.”

Keravnos described the meeting as a fruitful exchange of views concerning Cyprus and the EU, on matters such as inflation, interest rate increases and what led to the present-day situation of the economy.

The finance minister told reporters that Lein had been briefed over Cyprus’ measures aimed at helping vulnerable groups in dealing with non-performing loans, the hike in interest rates and foreclosures.

Asked if Cyprus may follow the proposal for the economy outlined by Greece’s finance minister, Keravnos said the intention was to move forward not quite with the same model but in the spirit of the ideas.

“We have similar thoughts and we are utilising different tools to tackle this situation.”

He sought to assure that after meetings with banks, there is no particular concern over an increase in bad loans as banks themselves are takes steps to avoid a spike.

“No one wants to see an increase in bad loans.”

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