“Lawmakers in Cyprus on Saturday passed key insolvency laws designed to open the taps for more international bailout cash. The vote makes it possible to operate foreclosure laws that international creditors have demanded as a condition for extending more loans to Cyprus. Recession, high unemployment and declining incomes have produced defaults on more than half of all private loans. The new laws should make it easier for banks to demand payment or seize assets, thereby reducing the banks’ own liabilities.The International Monetary Fund has been withholding 88 million euros ($95 million) in rescue money, citing Cyprus’ delay in giving banks the legal tools to deal with bad debt.”

http://www.philly.com/philly/news/nation_world/20150418_ap_6ddf947f243e480590b693c8bb76167f.html

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