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High NPLs weakest link in Cypriot economy, says EC, ECB
September 29, 2017 / 12:23 PM / in 22 days

High NPLs weakest link in Cypriot economy, says EC, ECB

NICOSIA, Sept 29 (Reuters) - Cyprus’s economic recovery has been robust but reform momentum needs to be maintained following an international bailout in 2013, the European Commission and the European Central Bank said on Friday.

A high level of non-performing loans in the Cypriot banking system was a key vulnerability of the island’s economy, the two institutions said in a statement, concluding the third post-programme surveillance mission.

Cyprus, one of the smallest members of the euro zone, required an international bailout in early 2013 following fiscal slippage and massive exposure of its banking sector to indebted Greece. (Reporting By Michele Kambas)

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