Latest Headlines

Reports written by Angelos Anastasiou

Non-performing loans restructured

Pafilia Property Developers, the D. Zavos Group and Tsokkos Hotels and Resorts have restructured their non-performing loans (NPLs) according to sources inside the Bank of Cyprus.

Three banks ready to ease Swiss franc loan burden

Three banks are ready to ease the burden on Swiss franc borrowers by writing off between 10 and 40 per cent of the loan in certain circumstances providing the borrower can show that they cannot repay.

Lawyers to face price-fixing challenge

A formal legal complaint against the Cyprus Bar Association at the European Competition Commission is planned by an organisation that is challenging the price-fixing of lawyers’ fees in Cyprus for out-of-court cases.

Some relief for trapped buyers

Although the ‘hidden mortgages’ bill is a positive step in the right direction, more needs to be done to resolve the issue of trapped buyers to enable those who have paid for their property to obtain its Title Deed.

Draft loan sales bills leaked

Details of the draft legislation designed to facilitate the sale of bank loans (one of the pre-conditions for Cyprus to receive the next tranche of the bailout loan) has been leaked to the media.

Bank loans of up to €15,000 will be written off

Bank loans of up to €15,000 will be written off if low income borrowers can demonstrate their inability to service them under the provisions of the insolvency framework being discussed by the House.

Banks using threats and blackmail

Banks have been accused by the head of the Borrowers Association of misleading borrowers into signing whatever they suggest through unfounded lies, duress, threats and blackmail.

Alpha Panareti slapped by CCPS over unfair contract

The CCPS has ruled that a contract to purchase an apartment between Alpha Panareti and a Scottish woman breaches the provisions of law 93(I)/1996 on unfair terms in consumer contracts.

Aristo boss seeks to counter accusations

Theodoros Aristodimou, the founder and managing director of Aristo Developers and former Chairman of the Board of Directors of the Bank of Cyprus, is seeking to counter accusations against his company.

Property values call for transparency

The chairman of the Cyprus Technical Chamber (ETEK) has argued that the government should make public the methodology used to reappraise property values to 2013 prices for taxation purposes.

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