Cyprus Struggles to Ease Problem of Bad Loans

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Cyprus Struggles to Ease Problem of Bad Loans
 © The National Herald 2020
NICOSIA — Defaulted loans are a prime economic issue for Cyprus, which since a 2013 financial crisis has seen overdue payments weigh on consumers and banks. Yet a government scheme to ease the problem has not been embraced by borrowers as hoped.

Just over 5,600 applications to the ESTIA scheme were submitted by the Dec. 31 cut-off date, about half of what authorities had expected. Of those, only 1,200 applications were complete.

That accounts for 1.7 billion euros ($1.9 billion) in bad loans, compared with the 9.8 billion euros overall saddling the...


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Cyprus Struggles to Ease Problem of Bad Loans


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Article Tags: cyprus, struggles, problem, loans,