ESM warns over an inefficient legal framework to tackle Cyprus’ NPLS

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ESM warns over an inefficient legal framework...
 © In-Cyprus 2018
 

The European Stability Mechanism has sounded a warning over Cyprus’ inefficient legal framework to tackle the high burden of non-performing loans burdening the island’s banking system.

“The high NPLs remains a key vulnerability for banks, which suggests the need for a reform in the insolvency and foreclosure framework and poses a risk for the economy going forward,” the ESM said in its 2017 annual report approved on Thursday.

Cyprus in 2013 borrowed a total of €6.3 billion from the ESM, as part of an EU – IMF financial...


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ESM warns over an inefficient legal framework to tackle Cyprus’ NPLS


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