Banks demand answers as Cyprus building permit crisis leaves lenders exposed

The Cyprus Banks Association has written to District Local Government Organisations (DLGOs) demanding information on the growing crisis surrounding building permit cancellations, as lenders face the prospect of being left with non-performing loans on developments that may never be legalised, Phileleftheros reports. The letter follows permit cancellations by DLGOs and comes amid findings, reported by […]

By Vassos Vassiliou