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151. Proposed foreclosure reforms spark debate in Cyprus

Three proposals will be discussed at the last Plenary Session of the House of Representatives before the summer recess, along with three scenarios regarding the outcome of the foreclosure framework....

152. Contentious foreclosure legislation sparks debate in Parliament

The issue of foreclosures remains unresolved and will be the focal point of the upcoming plenary session on Thursday, July 13. ...

153. Parliament approves foreclosure law

A significant mobilization by the Government and the Central Bank of Cyprus took place this week regarding the framework of foreclosures, primarily to withdraw the "problematic" proposal that, according to the state and banks, would have negative consequences for the Cypriot economy....

154. The government's seven proposals for vulnerable individuals

Finance Minister Makis Keravnos submitted seven government actions aimed at addressing issues related to non-performing loans to Parliament yesterday....

155. Parliament to vote on law for borrowers' foreclosure appeal

The news from the "Oikonomiki Kathimerini" about the suspension of first home foreclosures up to €350,000 until the end of October has been confirmed. ...

156. President urges solution as foreclosure laws vote approaches

Cyprus is heading towards suspending first residence property foreclosures up to 350,000 euros until the end of October....

157. CT scan offers clue in Israeli girl’s Jet Ski death

The tragic death of a Jewish child in a horrible Jet Ski accident in Cyprus continues to be investigated, with a CT scan providing clues to authorities after a post mortem was blocked out of respect to religious customs...

158. Young girl dies in Jet Ski accident

A young girl died Saturday following a marine accident in Limassol during an outing on a yacht, where reports said she was a passenger on a Jet Ski driven by her dad when tragedy struck...

159. MPs move forward with divestment changes

MPs are displaying a resolute determination to press ahead with crucial changes to the divestment framework before the parliamentary summer recess....

160. Bank of England raises interest rates to 5%

The Bank of England has raised interest rates by a half point to 5% as part of its efforts to combat high inflation and rising mortgage costs. ...

161. Total loans increase by €71 million, reaching €24.4 billion

Non-performing loans decreased by €105 million end of March 2023, compared to the end of December 2022, reaching €2.2 billion, according to data published by the Central Bank of Cyprus on Tuesday. ...

162. ECB raises interest rate to 3.20% in ongoing tightening campaign

The European Central Bank (ECB) has announced its decision to raise the interest rate to 3.20%, marking another step in its ongoing monetary policy tightening campaign. ...

163. Christodoulides' pledge to safeguard Cyprus' reputation

President of the Republic Nikos Christodoulides has stressed that the government will not allow a very small minority of people in the country to tarnish Cyprus' reputation, which was built after many years of effort....

164. FinMin underlines the importance of disciplined policy

The contact circle with the banks has not been completed, and there will be a new one to adopt measures that will provide relief to borrowers regarding the increased interest rates....

165. IMF says Cyprus untouched by war fallout

The economy of Cyprus is expected to slow to around 2.5% in 2023, reflecting an erosion in household incomes, tighter financial conditions, and delayed impacts from sanctions against Russia, International Monetary Fund forecasts, after the conclusion of the Article IV consultation with Cyprus...

166. New plan to safeguard vulnerable groups' homes nears approval

The Director of the Press Office of the President of the Republic, Victor Papadopoulos, announced that a new plan to safeguard the first homes of vulnerable groups in Cyprus is on the horizon. ...

167. An effective foreclosure framework is important, says FinMin

An effective and functional foreclosure framework is crucial for encouraging borrowers to restructure their debt, due to the high stock of non-performing loans (NPLs), the Cyprus Ministry of Finance said in a press release on Tuesday....

168. Divestments trigger a risk of backlash in the Recovery Fund

As Cyprus races against time to secure €1.1 billion in grants and loans from the Recovery Fund (NextGenerationEU) by June 2026, a new challenge arises. ...

169. Netflix cracks down on password sharing

Netflix Inc. on Tuesday expanded its crackdown on password sharing to the United States and more than 100 other countries, alerting users that their accounts cannot be shared for free outside of their households....

170. CBC urges banks to embrace transformation for sustainablefuture

Constantinos Herodotou, Governor of the Central Bank of Cyprus, emphasized the need for Cypriot banks to seize the current favorable circumstances and address impending challenges during his speech at the 2023 ICPAC Mediterranean Finance Summit held in Limassol on Thursday....

171. BOC: First quarter of 2023 yields €95 million in profit

Bank of Cyprus has released its financial report for Q1 2023, showcasing robust performance and positive indicators across various key metrics....

172. Central Bank governor projects higher economic growth for 2023

On Tuesday, Constantinos Herodotou, the Governor of the Central Bank of Cyprus, announced that the Cypriot economy is projected to grow in 2023 at a higher rate than the Eurozone average. ...

173. Astrobank: 'Reward' plan for good borrowers

Astrobank is currently developing a plan to reward its consistent borrowers by providing relief for those who have mortgage loans worth up to €350,000....

174. Banks announce measures on interest rates

Since July 2022, lending rates in Cyprus have risen by 3.5%, putting borrowers in a difficult position with dangerously increasing loan repayments....

175. Disappearance less clear after cops nab hacker’s pal

A man said to be an acquaintance of Little Hacker, the detained suspect in a disappearance case possibly linked to cryptocurrency theft, has also been nabbed by police after investigators became suspicious over partial statements he had made, but charges still remained unclear...

176. Finance Minister considers lowering VAT rates for basic necessities

The Minister of Finance of Cyprus, Makis Keravnos, has announced that the Ministry is considering measures for banks and credit-acquiring companies to absorb high-interest rate increases, as well as reducing value-added tax (VAT) for basic necessity products to tackle high prices....

177. Finance Minister requests containment of lending rates for housing loans

The Finance Minister of Cyprus, Makis Keravnos, has written letters to the Director General of the Cyprus Banks Association and the Director General of the Association of Credit Acquisition Companies and Credit Facility Managers, requesting measures to control rising lending rates for serviceable loans up to €350,000....

178. Numerous foreclosure sales expected in 2023 and 2024

The COVID-19 pandemic and the subsequent suspension of divestments since 2020 have led to the creation of a considerable volume of properties for disposal that banks and credit purchase companies have on their balance sheets....

179. Three major concerns of ECB regarding Cypriot banks

Although Cypriot banks have made great progress over the last decade, foreign supervisors have reservations and summarise their concerns in three areas....

180. Investors flock to 'green' bonds as a secure investment