Calls to protect vulnerable borrowers from interest rate hike

The Association for the Protection of Bank Borrowers (SYPRODAT) has accused the government of "complete apathy" in the development of support measures for vulnerable borrowers in the aftermath of the European Central Bank's (ECB) continuous increase in interest rates and amid conditions of unprecedented accuracy.

"In Cyprus, there is almost complete apathy in the government to the point of disgust among citizens," SYPRODAT said in a statement issued following the ECB's new interest rate hike.

The Association urges the government to develop immediate measures, in collaboration with banks, to assist vulnerable groups of the population, borrowers, and businesses in surviving.

"The problem cannot wait any longer," it says.

The Association notes that the Greek government and banks have agreed on a plan to assist vulnerable borrowers, under which they will be subsidized with 50% of the difference between each current installment, while Greece's "household basket" is constantly being enriched.