Continued Challenge of Non-Performing Loans for the Cypriot Economy
October 7, 2024
Non-Performing Loans (NPLs) continue to pose a serious issue for the Cypriot economy, with loans amounting to €19.9 billion owned by Credit Acquiring Companies. Although there has been a slight decrease in NPLs due to write-offs and restructurings, the system suffers from legal processes that complicate liquidation. Investors who have taken on NPLs are no longer seeking profits but are trying to minimize their losses. This situation also concerns the Cypriot government, which has invested taxpayer money to tackle the problem.