1.Previous
3.Next

2010, Cypriot banks suggested to buyers interested in acquiring property in Cyprus to take out a mortgage in foreign currency loans (mainly CHF) because the interest rates were lower. Thousands of mainly British residents took this advice but this backfired when the franc soared after the 2008 financial crisis, and mortgage repayments doubled. Lawyers say that the banks often failed to explain the potential risks of currency fluctuation that could cause repayments to rise, and also applied heavy

1.Previous
3.Next