Monday, January 26/2015

And the banks drag their feet on non-performing loans: "As of late November 2014, only 11.1 per cent of NPLs, equating to loans worth €3.1bn, had been restructured," says the Cyprus Mail. Bad enough, you would think, but then comes the definition of restructuring: "Loan restructuring refers mainly to the extension of their repayment periods, and/or ‘temporarily’ decreasing monthly instalments. In some cases, restructuring involves decreasing interest rates or waiving part of the capital and/or the interest due." Nothing extreme that might involve getting assets in return for bad debts.