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Socialising the losses and privatising the gains

  • The case of Cyprus five years after the bail-in of bank deposits

As pointed out in a recent IMF report,[1] “private sector indebtedness in Cyprus remains extremely high”.

  • Savvas Savvides
  • StockWatch

Politicians and banks, however, continue to present the non-performing loans (NPLs) as being the core problem of the economy.

Dema 3cThey argue that reducing NPLs is basically the same as providing a cure to the economy’s woes.

However, NPLs is only a symptom of the real problem of the economy which, as pointed out by the IMF, is the enormous private debt.

Focussing just on…

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