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Politics may prevent state from collecting from Co-op NPLs
© Business Mail | Politics may prevent state from collecting from Co-op NPLs

By Stelios Orphanides
Political considerations prevented the state-owned Cyprus Cooperative Bank from collecting from borrowers not servicing their loans, leading to its demise, and may also continue to weigh-in after the government took over its non-performing loan portfolio, an economist said.
“The Co-op had many primary homes (as collateral) and old loans and it was politically too difficult as a government-owned bank to foreclose,” economist Marios Clerides said in a telephone ….. Read More On: Business Mail

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