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End high interest rates in Cyprus
Takis H.
started this petition to
European Central Bank, Cyprus Central Bank, EUropean Commission
Thousands of Cypriots mortgage/housing borrowers are at an impasse. The reason is because mortgage/housing loans in Cyprus continue to charge interest rates much higher than the euro area average. In most long term housing loans, a rate of around 70% of the monthly installment is interest. This unfair and destructive practice is done by all banks in Cyprus - even those that have been recapitalized with the money of the Cypriot citizens as a result of the 2013 bail in/haircut of deposits - resulting in significant profits for them.
The sharp decline in family income and the high unemployment rate are an outcome of this recapitalization. As a result thousands of borrowers can no longer meet their obligations towards the banks and face the threat of legal action and liquiidation of their homes.
We call the Central Bank of Cyprus and the European Central Bank to take action now to end the predatory practice of Cyprus banks charging unjustified high interest rates on housing loans that victimizes thousands of Cypriots.
"End the predatory practice of Cyprus banks charging unjustified high interest rates on housing loans in Cyprus "
The sharp decline in family income and the high unemployment rate are an outcome of this recapitalization. As a result thousands of borrowers can no longer meet their obligations towards the banks and face the threat of legal action and liquiidation of their homes.
We call the Central Bank of Cyprus and the European Central Bank to take action now to end the predatory practice of Cyprus banks charging unjustified high interest rates on housing loans that victimizes thousands of Cypriots.
"End the predatory practice of Cyprus banks charging unjustified high interest rates on housing loans in Cyprus "
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