Arab Today, arab today cyprus church disposes assets to pay €100m loans
Last Updated : GMT 21:46:41
Arab Today, arab today
Arab Today, arab today

Cyprus church 'disposes assets' to pay €100m loans

Arab Today, arab today

Arab Today, arab today Cyprus church 'disposes assets' to pay €100m loans

Archbishop of the Greek Orthodox Church of Cyprus Chrysostomos II
Nicosia - AFP

The Church of Cyprus, heavily hit by the country's financial crisis two years ago, will dispose of assets to help pay off 100 million euros owed to banks, its head said Friday.

Archbishop Chrysostomos II told state radio: "We made deals with the banks, and we are ready to give them some property, so that we can repay our debts and... start investing."

He did not say what banks were involved, nor did he explain whether the assets he referred to were collateral against loans or property that would be sold in order to pay them off.

The church, part of the worldwide Orthodox communion, is the largest landowner on the eastern Mediterranean island, and it has business interests that range from the hotel industry to beer and wine-making.

Chrysostomos said the church got into debt because of its heavy investment in the Cypriot banking sector, which had to be rescued in 2013 as part of a 10-billion-euro ($10.9 billion) international bailout of the nearly bankrupt country.

"We believed in the banks. We invested in banks continuously, and in the end they collapsed,” Chrysostomos said.

The church's businesses have also suffered from a three-year recession, with an official saying it has lost income from various sources such as rent and dividends, making it harder to fulfil its loan obligations.

As part of the bailout, Cyprus was forced to restructure the bloated banking sector.

This included winding up the second-largest bank, Laiki, and bailing in major depositors at the largest lender, Bank of Cyprus.

The church had shares in both Laiki and BoC, and  has since reduced its major stake in Hellenic Bank, now the island’s second-largest.

Meanwhile, Chrysostomos said the church is focusing on investing its wealth in the key tourism industry.

This would include enlarging a hotel in the popular coastal party resort of Ayia Napa from November.

It is also eyeing much larger projects in other areas and needs to raise liquidity.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus church disposes assets to pay €100m loans Arab Today, arab today cyprus church disposes assets to pay €100m loans

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus church disposes assets to pay €100m loans Arab Today, arab today cyprus church disposes assets to pay €100m loans

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday