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Cyprus passes foreclosures bill

The Cypriot parliament approved an insolvency framework for non-performing loans in regards to private debtors.

The new law protects primary homes with a mortgage worth up to 250,000 Euros. Repossession and auction are available options for homes of a higher value. The rate of non-performing loans in Cyprus has exceeded 55%, one of the highest in Europe. The new framework replaces the older system whereby banks would spend sometimes 15-20 years until they could collect the debts.

The approval of the bill is expected to assist Cyprus to return to international markets.

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