27 August 2014 Why non-passage of foreclosure bill could be catastrophic for Cyprus

If the foreclosure bill does not pass before the EU-wide stress test deadline, this could be a catastrophe for Cyprus that will be even worse than the one we narrowly missed last year. Those who look at a modest debt repayment schedule in the next few months are missing the point. It is not a default on debt payments that we need to fear; it is the collapse of three banks. Here are the reasons why.