NICOSIA (AP) — Cyprus’ biggest lender, the Bank of Cyprus, says it had sold 2.7 billion euros ($3.1 billion) worth of bad loans to New York-based Apollo Global Management, the largest such deal in the east Mediterranean island-nation’s history.
Speaking to The Associated Press, CEO John Patrick Hourican called the sale “the biggest transaction in Cyprus” since Britain purchased the island from the Ottomans in 1878, “except this time Cypriots are the real winners.”
The sale — equivalent to 15 percent of Cyprus’ gross domestic product — chops the bank’s bad loan stock to 5.2 billion euros, down from 15 billion euros four years ago.
Bank of Cyprus and other Cypriot lenders have been plagued by bad loans since a 2013 financial crisis that forced Cyprus to seek a multibillion-euro rescue deal.
NICOSIA — The Cyprus government and U.
FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.
ATHENS — After several years of strained relations that raised tensions to alarming levels, longtime regional rivals Greece and Turkey made a significant step Thursday in mending ties during a visit to Athens by Turkish President Recep Tayyip Erdogan.
NEW YORK — Health officials on Friday released the first nationally representative estimate of how many U.
VAMVAKOU - On December 2, Santa’s mail carrier gathered up the wish lists of all those present in the main square of Vamvakou, starting off the holiday festivities! The village was alive with the sights, sounds, and smells of the season during a festive program of events for all ages from Vamvakou Revival that included a theatrical performance for kids, stilt walking, dance, songs, workshops, and sketches.
MILAN — Italian melodrama's official recognition as a global cultural treasure was celebrated Thursday during La Scala's season premiere of Verdi's "Don Carlo," with some of the drama spilling out into the theater with a pair of anti-fascist cries before the curtain went up.
ALBANY, NY – New York State Senate Deputy Leader Michael Gianaris issued the following statement following reports of a shooting outside Temple Israel in Albany on the first night of Hanukkah, December 7.
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