NICOSIA (Reuters) - Bailed-out Cyprus is making good progress in an economic adjustment programme but its outlook is tempered by high nonperforming loans, which could crimp output, and uncertainty over Russia, a key business partner, the IMF said on Wednesday.
Cyprus's level of nonperforming loans (NPLs) is the highest in Europe at almost 140 percent of GDP, and this is curbing credit to the economy, feeding into a negative growth loop, the International Monetary Fund said in a staff report.
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