Use of foreclosure in Cyprus weak says European Commission

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Use of foreclosure in Cyprus weak says European...
 © CyprusMail 2018
Private debt in Cyprus continues to be among the highest in the EU, in no small part due to the limited use of the insolvency and foreclosure frameworks, the European Commission has said.

Reporting on Cyprus in its 2018 European Semester review, the Commission said the debt held by non-financial corporations and households decreased to around 250 per cent of GDP in 2017 Q3, “primarily driven by households’ debt reduction. Despite the robust recovery, repayment of debt has only marginally improved as contract enforcement remains weak and the use of the insolvency and...


This article was automatically added to our system 13-3-2018

Use of foreclosure in Cyprus weak says European Commission


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