Cyprus government will help people who struggle to pay for their loans

The Cyprus government will be able to assist private individuals who are not able to pay for their debts, however this help is only available to those, who are at a risk to lose their only place of residence.

The European Commission reported that the Borrowers, who fall within the special EU scheme, are eligible to get a grant which they do not have to pay back. The Maximum amount which can be allocated for such borrower is 10,000 Euros per year.

Regardless of the fact that Cyprus has declined further financial help form the EU, the banking sector is still weak..

In December 2015, the number of unpaid loans made up almost 45% out of all the issued loans in the country.