News Local Fin.minister warns about rise of NPLs if payment suspension is not approved

Fin.minister warns about rise of NPLs if payment suspension is not approved

Finance minister Constandinos Petrides warned that failure to pass the loan payment suspension bill through parliament, would lead to a ‘dangerous increase’ of non-performing loans.

Petrides appealed to MPs to approve the bill, so that people will not be forced to keep paying loans, causing a rise in NPLs.  The bill is necessary, he added, to freeze payments for the next 9 months.

The finance minister added that a 2nd bill before the House concerns state guarantees on low interest loans to businesses (exclusing banks) that would not be otherwise given during this period, in order to pay suppliers and salaries of employees, without employers being forced to declare bankrupcy and require massive lay offs.

He said that the state guarantees bill is subject to change without altering its approach.

Petrides stressed that the government (as the whole of the EU) cannot just support the market directly without having a liquidity programme in place.

Top Stories

Donald Trump wore a mask

U.S. President Donald Trump wears a mask while visiting Walter Reed National Military Medical Center in Bethesda, Maryland, U.S., July 11, 2020.

Smoke rises from a fire on board the USS Bonhomme Richard

Smoke rises from a fire onboard the U.S. Navy amphibious assault ship USS Bonhomme Richard at Naval Base San Diego, California, U.S. July 12,...

Another scorcher with temperatures at 40 C, yellow alert in effect

Today will be mainly fine but developing clouds may bring isolated showers and thunderstorms in the afternoon in the mountains and in some areas...

WHO reports record daily increase in global coronavirus cases

The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 230,370 in 24 hours. The biggest...

Seven new Covid-19 cases on Sunday

  Seven people have tested positive for coronavirus after 1176 tests, the Health Ministry said on Sunday. Five of the new cases were detected from 301...

Taste

Kolokasi (Taro Root)

Ingredients: (Serves 4) 1 kg kolokasi (taro) root ½ kg pork (lean belly pork or shoulder) cut into large cubes 6 tbsp olive oil 1 head of fresh celery,...

Moungra

Moungra is a traditional Cypriot mezze which consists in cauliflower pickled in fermented bread dough and typically served as an appetizer or meze. It...

Cheesy Eggplant Rolls

Ingredients 4 Eggplants 2 tbsp olive oil 1 chopped onion, 2 grated carrots 1 garlic clove (sliced) ¾ of the cup finely chopped canned tomato, ½ ts sugar 1 ts oregano 2 tbsp...

Black eyed peas with chard (Louvia me laxana)

Ingredients: 2 cups black eyed peas small lemon (juice) + 1 tsp lemon zest 1 bunch Cypriot chards olive oil & lemon for serving salt & pepper Method: Step 1 Put the...