High debt, NPLs could magnify any external shocks to Cyprus economy, experts say
Economic experts on Tuesday debated whether the recovering Cyprus economy was ready to weather any external shocks after putting its house in order for the...
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Addressing inefficiencies in justice system ‘key to improving business environment’
Addressing inefficiencies in the justice system in Cyprus is key for improving the business environment and the enforcement of claims, the European Commission said on...
Land registry pledges speed on Estia applications
THE land registry will not delay any procedures related to the Estia debt-relief scheme, the organisation’s head, Andreas Socratous said on Thursday. Socratous gave reassurances...
MoUs signed with banks ahead of Estia kick-off
The government on Friday signed a Memorandum of Understanding (MoU) with banks and credit buyers for the implementation of the Estia debt relief scheme, which...
Cyprus registers the second-highest NPL ratio in the EU
The Cyprus banking system continues to post the second highest Non-Performing Loan (NPL) ratio in the European Union, following Greece, according data published by the...
BoC completes sale of NPLs
Bank of Cyprus announced Friday the completion of the sale of €2.7bn non-performing loans known as Project Helix for €2.1bn. In a statement, the lender...
Economy settling into ‘growth phase’ Hellenic says
Cyprus’ ‘recovery phase’ has passed and the economy is settling into its ‘growth phase’, Hellenic Bank’s Economic Research Department said on Tuesday. In its Economic...
Sustained reform key to mitigating Cyprus’ economic risks, ESM warns
Cyprus regained an investment grade rating in 2018 thanks to strong economic growth, a prudent fiscal policy, and a more resilient financial sector, and the...
Reform, reform, reform, Fiscal Council says
By Gregoris Savva Cyprus needs to implement reforms, boost competitiveness and maintain fiscal surpluses, President of the Fiscal Council Demetris Georgiades said on Thursday. External...
ESM’s chief economist calls for Cypriot prudence as external risks loom
By Gregois Savva Rolf Strauch, the European Stability Mechanism’s (ESM) chief economist called for the continuation of prudent economic policies and keeping fiscal buffers as...
MPs delay bills on NPL disclosures
LAWMAKERS on Thursday kicked the can down the road on legislation that would oblige them, the president and ministers to declare whether they have non-performing...
Outgoing CBC boss has sent updated list of PEPs’ bad loans to House
Outgoing Cyprus Central Bank (CBC) Governor Chrystalla Giorghadji has sent to House President Demetris Syllouris a list of non-performing loans of politically exposed persons (PEPs),...
IMF welcomes economic progress but tags on risk-warning
The IMF said Thursday it expected Cyprus to maintain the capacity to repay its debt but warned that this could change under certain circumstances, including...
Risks seen from Gesy, public wage bill
DESPITE ITS strong growth, the Cypriot economy still has key vulnerabilities, like the high level of bad debts, which could be compounded by the worsening...
Non-performing loans drop by €5.6 billion due to co-op sale
Non-performing exposures (NPEs) in the Cyprus banking system dropped to €11.02 billion in September 2018 marking a €5.6 billion reduction since end-June 2018 as Hellenic...
Economy set to grow around over 3 per cent a year by 2021, CBC says
The government will continue to strengthen and deepen the current positive economic growth spokesman Prodromos Prodromou said on Saturday, after the Central Bank of Cyprus...
IMF: banking sector still facing one of highest NPL ratios in Europe
Cyprus ‘ banking sector still faces one of the highest non-performing loan (NPL) ratios in Europe, while both private and public sectors have a large...
‘Generous’ Estia scheme still of concern, EU says
Some borrowers could interpret Estia handout as a reason to stop paying loans By George Psyllides Despite tightening the eligibility criteria of a subsidy scheme...
Co-op decision difficult, but positive for economy, EU official says
The decisions concerning the Cyprus Cooperative Bank (CCB) were difficult for Cyprus but enabled positive developments for the island’s economy, EU Commissioner for Competition Margrethe...
A new reality for borrowers
‘You wouldn’t believe what kind of breaks they used to get from banks’ By Elias Hazou LOAN defaulters expecting more flexibility from debt collection agencies...
