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Lenders up pressure on Cyprus to call in bad loans

A Cypriot woman walks in front of a huge euro symbol outside the finance ministry in central Nicosia, December 22, 2007International lenders put new pressure on Cyprus politicians Friday to agree delayed legislation on foreclosure procedures for bad loans in the latest review of compliance over a multi-billion debt bailout. Legislation for the calling-in of non-performing loans contracted during the island’s credit boom and crash that prompted the international bailout of March 2013 is a pre-condition for the next instalment of emergency loans that are desperately needed to rescue state finances. The urgent call for its passage by parliament came as part of a fifth review of the debt-ridden island’s compliance with crippling bailout terms by the troika of lenders — the European Commission, European Central Bank and International Monetary Fund. “Reversing the rising trend of non-performing loans is critical to restoring credit, economic growth, and the creation of jobs,” the lenders said.

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