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Troika starts seventh review

The troika of Cyprus’ international lenders started its seventh review of the island’s economic adjustment programme yesterday with the repossession of mortgaged properties high on its agenda.

cyprus-troikaA DELEGATION from the troika of Cyprus’ international lenders started a crucial quarterly review of the island’s economic adjustment programme yesterday focusing on banking issues and public sector reforms.

Sources said that the troika team, which visited the Central Bank headquarters yesterday morning, discussed progress in implementing legislation concerning the repossession of mortgaged properties and the sale of loan packages to third parties.

Other members of the troika team discussed privatising state assets and introducing a general health system to replace health care provided by state run hospitals.

Opposition parties, which have the majority of seats in parliament, vehemently oppose the selling off of semi-governmental operations providing telecommunications and electricity.

The introduction of the general health system has been postponed several times and is likely to be put off again following the resignation of the health minister Philippos Patsalis who cited health reasons for his decision.

Tomorrow (Thursday) the troika team are expected to discuss the Title Deeds backlog and the issue of home buyers who are unable to get a Title Deed due to their developer’s ‘hidden mortgage’.

Further delegates from the troika are expected to arrive in Cyprus next week.

The review is scheduled to last 10 days rather than the previous five-day reviews.

Readers' comments

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  • houlou says:

    Head of troika is here today and substantial evaluation of the implementation of the Cyprus MOU starts today

    Στην Κύπρο οι επικεφαλής της Τρόικας για επικαιροποίηση του μνημονίου

    No comment yet on trapped buyers bill but site refers to last weeks comments by gov sources that troika expects further progress to be made the matter of non issued title deeds! whether they can force it or expect it to just happen is another issue.

    (News in English – Troika begins substantial review process – Ed).

  • @houlou on 2015/07/18 at 2:45 pm – That’s correct. There’s no obligation in the MoU for the law to be implemented. But things may change when the Troika completes its current review and assessment and a revised MoU is published.

  • houlou says:

    Nigel hi, I know you have referred people with the same question to the MoU link, but in a nutshell what is the implication if govt doesn’t vote a law in Sept to cover trapped buyers etc? I read the MoU and from my understanding govt. only needs to propose legislative measures re issue….no mention of implementing proposed law, or have I read wrong?

  • @houlou on 2015/07/16 at 4:44 pm – Thanks. I wish other commentators here would take some initiative.

  • houlou says:

    I’ll write to them happily good ole TROIKA, also the house finance house committee bunch who delayed the whole voting of the law. Most have contact addresses other than that of the house of representatives when you look them up, I will promptly send them letters too that has portions pinched from Nigels open letter to Hasikos….plus

  • @Stuart on 2015/07/16 at 12:58 pm – If you do not believe the troika has a copy of my letter, I suggest you send them a copy yourself – I am not your secretary.

    Why not do something positive yourself?

  • houlou says:

    @Stuart, I agree 100% , as things stand its a game of ping pong between the president and parliament on when law on repossessions can start to affect trapped buyers! initially it was 10 July, then MPps voted for extension until the end of 2015, the president last night rejected this and mps will now vote for the date to change to 5th of sept…either way buyers who are trapped and by no fault of their own will find themeselves in the web of developers/banks , properties they paid for will fall into the category of npls obviously if the developer has problems…..so why on earth MPs didnt vote in the law sooner to protect all such buyers and facilitate issujing of deeds is beyond me

    (well we all know why, vested interests of Mps, bankers developers!)

  • Stuart says:

    @Nigel.
    When you recently published your open letter, I commented that a copy should be given to the Troika for their enlightenment as I feared you would never get a reply from the person to whom it was addressed. That being the case, can I again encourage you to ensure a copy finds its way into the seventh review of the economic adjustment programme since your letter encompasses the entire spectrum of opinion as to why nothing of any substance is ever achieved in Cyprus.

    Furthermore, amendments to the MoU are pointless because the authorities simply find ways of ducking and diving around their obligations. MoU conditions need to be robustly enforced and, as Denton rightly suggests, the key to success is “no more money” until full compliance is achieved.

  • john de lacey says:

    Very interesting indeed. Officials and their cohorts can think they’ll keep fooling the Troika but the day of judgement has come or is about to. I’ve no doubt whatsoever, it will be sorted. Greece thought they were smart and could keep fooling them, they’ve been handed reality and now it’s in their own hands.

  • Pete says:

    Troika need to suspend all further money till Cyprus fulfils its obligation under the MOU; failure to do so will result in yet further delays and prevarication and while that might suit MPs, it does nothing for those suffering as a result of bank complicity and developer loans.

    Oh, silly me I forgot; we’re talking about the same people !!

  • houlou says:

    The ‘nhs’ is another thing that should have progressed too yet there are too many vested interests here too…..the govt must get the house in order and stop delaying tactics…

    Just food for though, below is a slightly old article but it is clear as day the ‘system’ needs an total gutting and rebuild, enough of the “that just the way it is in Cyprus”…..

    Law reform hopes to clear up title deeds trap

  • Denton Mackrell says:

    I do hope the Troika throws a wobbly when they discover that the much vaunted bill to release Title Deeds to buyers who have already paid has been ditched. As this bill was a Troika condition, surely this is one reason to suspend the next bailout tranche.

  • houlou says:

    Finance minister just a minute ago mentioned the goals of the MOU when asked, on the financial sector section he tied in with this the need for resolving the issue of trapped deeds by developer debts……so looks like it is still on the table despite MP’s stalling on voting for the proposed bill…..

  • Jim says:

    It will be interesting to see how much more cash the Troika is prepared to handover, before they realise that very little has been implemented.

    Despite the Troika giving glowing reports on progress in Cyprus, I can see nothing of any substance being achieved.

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