Cabinet tackles loan restructuring

Cabinet tackles loan restructuring

 

By Stefanos Evripidou

The government yesterday announced a series of measures to ensure banks and their clients reach a fair compromise on how to restructure existing loans under today’s challenging economic conditions.

“One of the president’s major pledges was, given the economic crisis and huge problems facing households and businesses, to ensure the restructuring of loans of either businesses or natural persons,” said government spokesman Christos Stylianides.

Speaking after a cabinet meeting, Stylianides said cabinet yesterday approved an amendment bill on the establishment and operation of the financial ombudsman to facilitate the settlement of financial disputes out-of-court.