- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Troika starts seventh review

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.