Cyprus: Selected Issues

December 14, 2017

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Format: Chicago

Cyprus: Selected Issues, (USA: International Monetary Fund, 2017) accessed September 19, 2024

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.

Subject: Asset and liability management, Credit, Debt restructuring, Financial institutions, Financial sector policy and analysis, Loans, Money, Mortgages, Nonperforming loans, Solvency

Keywords: Court processes, CR, Credit, Cyprus, Debt, Debt gap, Debt restructuring, Debt-asset swaps, Europe, Foreclosure procedure, GDP, Global, Insolvency, Insolvency regime, ISCR, Loans, Nonbank debt, Nonperforming loans, Procedure, Solvency

Publication Details

Pages:

46
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/376
Stock No:

1CYPEA2017003
ISBN:

9781484332757
ISSN:

1934-7685

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