MPs in Cyprus have warned the banks that they might pass punitive legislation if they fail to offer households with Swiss franc loans better terms; many borrowers claim they were misled to the real risk involved.
Efforts to restructure non-performing loans have not yet shown tangible results although financial institutions have stepped up their debt restructuring efforts according to a European Commission report.
Ratings agency Moody's warned on Monday that the forced conversion of Swiss franc mortgages would cost the banks at least €250 million, create a 'moral hazard' and make the restructuring of NPLs more challenging.
The Cyprus Finance Minister has warned MPs to avoid disrupting the bailout programme again urging them not to make any "moves that will only create a problem for us without any practical gains."
The Central Bank of Cyprus has issued a stark warning to banks to change their attitudes towards borrowers in efforts to prevent the seizure and subsequent sale of primary residences.
Loan restructuring is meant to preserve value and rescue good loans that are under temporary stress; they are not a 'trick' to rescue bad businesses that were unable to repay their loans in the time of plenty.
Striking construction workers received support from trade unions representing more than three quarters of workers who may call members out on a general strike if their dispute is not settled soon.
The island's Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking "dynamic measures"
Court orders have been issued against a number of unregistered estate agents in Cyprus, some of whom appear to be British, to stop them from practising until a final adjudication of their cases has been made.
“Those contemplating buying property in Cyprus must proceed with caution and seek qualified legal advice from a source that is independent from anyone else involved in the transaction.”
Lord Jones of Cheltenham has called on the British government to close the UK offices of Cypriot companies selling property and to ban the promotion of Cyprus property at overseas property exhibitions.
Buying a Greek Cypriot owned property in the Turkish occupied areas without the owner's consent is a criminal offence, carrying a maximum prison sentence of 7 years and any attempt to undertake such a transaction could result in a prison sentence of up to 5 years.
Without Title Deeds, the buyer must come to an ‘arrangement' with the person in whose name the property is registered; invariably this is the property development company from whom they bought the property.
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