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Archive for December, 2014

Non-performing loans at 49 per cent

Non-performing loans (NPLs) in the Cypriot financial system stood at 49% of total loans at the end of October 2014, from 48.5% in the previous month, according to data released by the Central Bank of Cyprus.

Protection for crisis-stricken homeowners

Crisis-stricken homeowners will be offered protection against foreclosure under the provisions of the fourth bill of the ‘insolvency framework’, which has been handed to political parties for their views.

Who are MPs trying to protect?

While the bun fight over the foreclosures law between the political parties continues, you really have to wonder who opposition MPs are trying to protect by delaying its implementation.

It’s naïve to think politicians will get us out of this mess

As it was dishonourable and dishonest politicians who got us into this mess it’s naïve to expect them to get us out of it; as they demonstrated when they voted to delay the foreclosures law.

Our top 10 stories from Cyprus in 2014

Since the start of 2014 Cyprus Property News has attracted more than a million visitors and here is our list of the Top 10 stories that have attracted the most interest from our readers.

IMF suspends Cyprus loan tranche

The International Monetary Fund (IMF) has suspended the release of rescue money for Cyprus as “critical requirements for the completion of the fifth program review are now no longer met”.

Repossession legislation delayed

Finance Minister Harris Georgiades had some harsh words to say after opposition MPs forced a delay in the implementation of the repossession legislation at the plenary session of parliament today.

Three hundred thousand lost sheep

The Auditor General’s report for 2013 states that more than three hundred thousand owners of property in Cyprus cannot be taxed on their property as the Land Registry has no way of knowing who they are.

Aristo Developers lays off workers

The dismissal of fifty workers from Aristo Developers Limited has been blamed mainly on the legal issues involving its boss, Theodoros Aristodemou, and partly on the economic crisis.

Immovable Property Tax highs & lows

A month before the deadline for paying Immovable Property Tax expired, the Cyprus government collected in excess of 100 million Euros. However a number of long-standing problems have been highlighted.

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