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Cyprus agreement impossible

The Troika of Cyprus’ international lenders has announced that it was not possible to reach an agreement on the review of the Cyprus programme due to the suspension of the foreclosure framework.

Cyprus agreement impossible says TroikaCYPRUS international lenders, known as Troika (EC, ECB, IMF), announced Friday that reaching an agreement on the review of Cyprus programme was not possible during their last visit on the island, due to the further suspension of the effective application of the foreclosure framework.

“The application of the foreclosure framework and the adoption of a modern insolvency legislation are key program commitments. These steps aim at reducing the high level of non-performing loans, which is essential to restoring growth and job creation in Cyprus. Given the further suspension of the effective application of the foreclosure framework, reaching staff-level agreement on the review was not possible during this visit”, says the announcement.

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Nicosia during January 27 to February 6.

“The teams took note of the progress achieved thus far and of the challenges for the period ahead. The teams look forward to a timely completion of the review as soon as the conditions are in place for a positive conclusion”, says the announcement.

According to the announcement the Troika staff discussed with the Cypriot authorities progress under their economic reform program, priorities and milestones for the period ahead, and the importance of a strong and sustained economic recovery.

– Cyprus News Agency

Readers' comments

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  • Penny says:

    I can see the future will be better

  • Janner says:

    It’s been said many times before, they (those in control) are not idiots. They fully understand what they are doing and have indeed implemented this entire plan……which is to rip as much money as possible from taxpayers (Cypriot or European) to line their own pockets. So far it’s worked. Who will pick up the tab for corrupt Cyprus……you’ve guessed it! The taxpayer. The culprits will skip off into the sunset with their millions!…..genius.

  • whirlybird2 says:

    I don’t think it takes too much too work out Troika’s way of thinking, what with Cyprus Government looking after the home base borrowers/ lenders and them playing both sides of the coin with some foreign investors; they have been seen through again? No wonder Cyprus is not moving ahead at the moment. Can’t they see what they are walking into, another 1955-60 / or 74 with another nationality/is? Watch that space.

  • Stuart says:

    No surprise there, then.

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