Cyprus banks can not handle troubled loans alone

It would take more than 10 years to repay the accumulated debts to the Central bank of Cyprus. At the moment Cyprus banks can not handle independently the issue of overdue loans.

According to Eltoma portal, the managing director of Central Bank of Cyprus, Chrystalla Georghadji said that “Cyprus banking sector is now at an deadlock due to the lack of available tools, which could help banks could to repay troubled loans.”

Cyprus economy is now showing growth of only 3%. If the growth rate will remain at a current level, the repayment period for troubled loans may be extended for the next 10 years.