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On July 8 2018 the Cyprus Parliament approved a package of legislative measures aimed at creating market security, stability and growth, and strengthening the legal framework to deal with non-performing loans. The amendments took effect on July 31, when the amending laws were published in the government Gazette. The principal changes are as follows:
Reduction of non-performing debt is generally seen as the key to recovery of the real economy, and it is to be hoped that the amendments will facilitate and speed up the process.
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