Cyprus may create ‘bad bank’ as part of reforms


Panicos Demetriades, governor of the Central Bank of Cyprus, has revealed plans to bring undercapitalised banks up to scratch and suggested the country may get its very own ‘bad bank'.

Speaking in New York on December 11, Demetriades discussed the progress of banking, structural and financial reforms in Cyprus imposed by the Troika – the IMF, European Commission and European Central Bank – in June in return for financial assistance.

As one of its banking measures, the central bank has

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