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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.