Cypriot lenders urged to restructure loans

Cyprus Finance Minister Makis Keravnos has urged banks to restructure loans, maintain low lending rates and bank charges, and increase deposit rates in light of continued basic rate hikes by central banks. He warned that, otherwise, the government "would think differently of their intentions."

In his first appearance to the Parliamentary Finance and Budgetary Committee on Monday, Keravnos said he raised the issue of rising interest rates in letters he sent to the governor of the Central Bank of Cyprus (CBC) as well as to the management of commercial banks.

"I have discussed this issue with the CBC governor and I had sent letters to the CBC governor and commercial banks and credit acquiring companies with clear suggestions over timely restructurings, reduction of lending rates and mainly to draft a list of strategic defaulters," he said. He pointed out that not all...