NICOSIA, Aug. 6 (Xinhua) -- Estia plan, a special government scheme drawn up by Cyprus' Ministry of Finance and approved by the European Commission's Directorate-General for Competition, did not meet the expectations that it would help considerably reduce non-performing loans, the most serious legacy of the 2013 economic crisis that forced the eastern Mediterranean island into a bailout, Cyprus News Agency reported on Thursday.
The report said that just 1,132 duly completed applications for mortgage relief were submitted by the end of the cutoff day on July 31, and of those 220 were rejected as being outside the main condition that the mortgaged property should not be worth more than 350,000 euros (415,700 U.S. dollars).
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