Georgiades says NPL situation more manageable now after reaching peak

By Stelios Orphanides

Finance Minister Harris Georgiades has said that the worse is over with non-performing loans in Cyprus’ banking system.

“We had an unsustainable credit expansion during the previous years but even this problem has reached its peak and is becoming much more manageable now,” said Georgiades in an interview to CNBC on Monday.  “The loan restructurings and the processes that will see the gradual reduction of this problem is underway.”

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.