Arab Today, arab today troika begins fifth review of bailedout cyprus economy
Last Updated : GMT 06:15:10
Arab Today, arab today
Arab Today, arab today

Troika begins fifth review of bailed-out Cyprus economy

Arab Today, arab today

Arab Today, arab today Troika begins fifth review of bailed-out Cyprus economy

Bank of Cyprus sign
Nicosia - AFP

A delegation from the troika of international lenders Tuesday began its fifth assessment of Cyprus's economy and troubled banking system, focusing on the threat of bad loans.
Some 45 percent of all loans at Cypriot banks are classified as non-performing -- 27.1 billion euros from total lending of 60 billion euros, according to Cyprus Central Bank figures.
Non-performing loans (NPLs) represent 43 percent of bank loans and 51.7 percent of loans in cooperative banking.
The International Monetary Fund said earlier this month that the level of NPLs in Cyprus is the highest in Europe at almost 140 percent of GDP, curbing credit to the economy and stunting growth.
Cyprus has successfully completed four similar reviews from the troika -- the European Commission, European Central Bank and International Monetary Fund.
The current week-long examination will focus on bank reform, a proposed national health scheme and how to deal with NPLs and home repossessions.
In previous reviews, Cyprus has been praised for sticking to a harsh bailout adjustment programme it agreed last year with the troika.
Nicosia has said it will adhere to the bailout agenda no matter how unpopular it is.
Cypriots have had to endure tough austerity measures which have seen wages slashed and consumer and property taxes increased.
In return for 10 billion euros in aid from international lenders, the holiday island in March 2013 agreed to wind down its second largest bank, Laiki, and impose losses on depositors in under-capitalised largest lender, the Bank of Cyprus.
Its depositors were hit with a 47.5 percent bail-in as part of the bailout package.
Recession-hit Cyprus needs to pass this assessment to receive its next tranche of bailout cash. It has already received half of the ten billion euros agreed last year.
Nicosia concedes that the greatest challenge is clawing back bad debt.
International lenders do not expect Cyprus -- suffering record 17 percent unemployment and a credit squeeze -- to exit recession until 2015.
The European Commission estimates that the economy will contract 4.2 percent in 2014 -- lower than the initial 4.8 percent forecast -- but growth will be pegged back to 0.4 percent in 2015 rather than the previously expected 0.9 percent.

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 troika begins fifth review of bailedout cyprus economy Arab Today, arab today troika begins fifth review of bailedout cyprus economy

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 15:36 2017 Saturday ,25 February

US jobless claims steady in third week of February

GMT 05:58 2017 Saturday ,25 February

US new home sales rise in January

GMT 05:46 2017 Saturday ,25 February

Record unemployment in Brazil

GMT 05:33 2017 Saturday ,25 February

Indian wind power tariffs fall
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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