The Cypriot government has passed a suite of legislative
reforms in an attempt to confront the
non-performing loan (NPL) problem plaguing its economy.
Included in the package is a new insolvency framework akin
to the US Chapter 11 proceedings, laws regulating the sale and
acquisition of loans and other credit facilities, and tax
incentives and other facilities to support the proceeds.
These laws have been in gestation for some time - the
insolvency statute was passed in April 2015, though tax
incentives were voted in late last week - and their benefits
will not be felt in the immediate future. But they are
necessary steps towards getting the economy back on track
following the infamous IMF bailout in 2013.
"The biggest problem with the Cypriot economy is...