Insider Business Dealing with bad loans a priority, government says

Dealing with bad loans a priority, government says

Government Spokesman Prodromos Prodromou has said that the government’s top priority will be to decisively deal with the greater problem of bad loans through the proper operation of an asset management company and by activating the amended legal framework in place, in order to free up the momentum of the Cypriot economy.

In a written statement Prodromou commented on a report by Fitch ratings agency which “confirms the goals and projections of the governmental policy.”

It is noted, he adds, that in the coming years and until 2020 Cyprus can reduce its public debt to a level lower from 100% as a GDP ratio.

According to the Spokesman continuing a balanced and prudent fiscal management as is the direction of the governmental policy is of course a prerequisite.”

“The temporary increase of public debt from 97.5% to 110% of GDP reflects the fact that contrary to past times, the Cyprus state was able today to step up and where it was necessary to fully guarantee people’s deposits,” he pointed out.

At the same time, he continued, after the recent developments, a top goal will be, through the proper operation of the asset management company and by activating the amended legal framework, “to decisively deal with the greater problem of bad loans, so that the Cypriot economy’s momentum can be fully freed up.”

The sale of Cyprus Cooperative Bank (CCB) will increase Cyprus`s sovereign debt but not alter the medium-term trend of debt to GDP falling steadily from this year, Fitch Ratings said in its report.v

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