Cyprus: Selected Issues
Electronic Access:
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Summary:
This paper analyzes the economic effects of weak claims enforcement for Cyprus. Claims enforcement in Cyprus is considerably less efficient than in most European Union countries. The banking crisis, which led to a spike in the number of pending litigious civil and commercial cases, could be a factor in the low enforcement efficiency. For Cyprus, piecemeal reform of the enforcement framework may have limited success, and a wholesale review is likely needed. Adding updated components may not fit well with the underlying civil procedure. Instead a comprehensive review, with a focus on limiting case suspensions allowed under interim applications and considering an alternative compensation basis for lawyers should be considered.
Series:
Country Report No. 2017/376
Subject:
Asset and liability management Credit Debt restructuring Financial institutions Financial sector policy and analysis Loans Money Mortgages Nonperforming loans Solvency
English
Publication Date:
December 14, 2017
ISBN/ISSN:
9781484332757/1934-7685
Stock No:
1CYPEA2017003
Pages:
46
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