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Troika team remain in Cyprus

Although they were scheduled to leave Cyprus today, a team from the Troika of international lenders will remain on the island until next Tuesday to discuss the insolvency framework.

Troika team remain in CyprusA TEAM of Troika technocrats visiting Cyprus will extend its stay on the island until next Tuesday to discuss the insolvency framework to be put in place on January 1 2015.

Reliable sources have told the Cyprus News Agency that the extension was deemed necessary due to the complex provisions of four out of the six bills comprising the insolvency framework. The Troika technocrats were scheduled to leave today.

The delegation will meet with Finance Minister Harris Georgiades on Tuesday.

As part of Cyprus’ €10 billion bailout, the insolvency framework comprising six bills will be put into force in January 1 next year and is expected to set up a safety net to protect vulnerable groups from foreclosure of mortgaged property. The Memorandum of Understanding signed between Cyprus and its international lenders stipulates that the parameters of the new repayment scheme for viable borrowers will be set and communicated once there is sufficient clarity on its impact on the financial institutions, and after consultation with the EC, ECB and IMF, and informing the ESM.

Meanwhile a separate Troika mission on the financial issues completed its mission and will leave the island on Friday. The technocrats reviewed issues concerning non-performing loans, capital controls and the Central Credit Register which became operational in October.

Source: Cyprus News Agency

Readers' comments

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  • Richard says:

    If the Troika were GENUINELY serious about rectifying the debt crisis – they’d be approaching every known organisation in the universe who create & manage offshore shell companies and using whatever means at their disposal to lean on them to reveal where the hidden assets of the major defaulters are.

    That’s the seam of underground gold vs standing in a stream in your rolled-up dungarees with a pan and a very sore back.

    The chances of this happening? Hmm – let me guess.

  • Mike says:

    MartynG – I suggest you have got it spot on. The definition of ‘Vulnerable’ is subjective however it seems here one is ‘in a vulnerable group’ if the family home is worth less than €350000 and presumably one has a monthly income less than €5000, less than two Mercedes, bank deposits less than €1.65 million and more than 4 children – oh and nearly forgot, 3 generations ago was considered a refugee.

    I was a refugee, have nothing like stated above, am still trying to finish building my home at 66 years of age but do not consider myself vulnerable or in any way in need. Yes help would be nice, but in labour not cash, but the bureaucracy is such that I just can’t be bothered. Reality for most of us is nothing like politicians try to paint.

  • MartynG says:

    Sounds like this lot are Serious, not just wangling an extra weekend in the winter sun!.

    I reckon few will argue about a ‘safety net’ for ‘vulnerable groups’ but I’d bet Troika are struggling to agree a reasonable definition of the word ‘vulnerable’. Given the amount of ‘ducking n diving’ that goes on in this country, political as well as personal, can we expect a number of wealthy individuals, company directors etc to suddenly be claiming ‘hardship’, inability to pay loan repayments, aggregated interest etc in order to further extend their luxuriant lifestyles?.

    This country needs a severe dose of Troika-induced reality if it is ever going to leave behind the many ingrained ‘bad habits’ – and cultural, social weaknesses – that brought it to the Brink last year.

  • clive of Payia says:

    Let’s hope that the last of the financial controls, sending money abroad, is lifted so that we can get our money out of the eurozone and just bring in sufficient each month to meet requirements. Cannot be too long before the Euro finally sinks for good.

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