Cyprus government unveils two schemes to protect economy during COVID-19 crisis (1)

 The government has unveiled two schemes to help workers keep their jobs and businesses to avoid bankruptcy amid the coronavirus pandemic.

The two schemes were approved by the Cabinet on Thursday and were presented by Finance Minister ConstantinosPetrides.

He said the first provides for a suspension of loan payments for a period of nine months, or end of December 2020. The second provides government guarantees of up to two billion euros to banks to offer low-interest loans and to subsidize part of the interest rate.

Petrides described the schemes as bold, noting that it subsidizes the market through the banking system and not the banking system itself.

Central Bank Governor, ConstantinosErodotou said that the two schemes protect the banks and urged them to proceed with measures that will be presented to the Central Bank which he added, is planning further measures.

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Source: Cyprus News Agency

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