Complicated process of restructuring non-performing loans in Cyprus

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Cyprus banks are heavily involved in the restructuring process with respect to non-performing loans that make up to 50% of the total bank credit portfolios. As was reported by the Bank of Cyprus, it managed to restructure over €1bn in 2015. This amount included the debts of Zavos Group and Pafilia Property Developers, as well as Tsokkos Hotels and Resorts, totaling €396m. The three companies owe the most to the Bank, having stopped servicing their loans.