Cyprus banks take "dramatic measures"
Welcome! Register or Login for the best international property experience.
Welcome Back ! Access your profile, saved searches, property shortlist, and more! Logout
 

Cyprus banks take "dramatic measures"

Tuesday, April 24, 2012. Ivan Radford @themovechannel

Cyprus banks are taking "dramatic measures" to raise the capital required after the Greek sovereign debt bailout.

Cyprus banks are taking "dramatic measures" to raise the capital required after the Greek sovereign debt bailout.

In total, Cypriot banks need 2.5 billion euros by June this year to prevent further damages, with Popular Bank required to raise 1.35 billion euros to avoid dependence on the government. They, along with The Hellenic Bank and The Bank of Cyprus are following in Spain's footsteps and attempting to sell off distressed properties and non-core assets from troubled developers to meet the targets.

The lenders have already sold assets in Australia and Europe, OPP reports, but this still hasn't earned enough to cover the deficit.

 


Author - Dan Johnson

Tags

Share this Article:

Other recent new listings in Cyprus


Villa for sale in Aphrodite Hills

Cyprus » Aphrodite Hills

£1,273,616

Villa for sale in Kouklia

Cyprus » Kouklia

£779,726

Villa for sale in Kouklia

Cyprus » Kouklia

£1,273,616

Follow TheMoveChannel.com:

Get our news by email

Submit

Most Popular Articles


›› FULL NEWS ARCHIVE