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Troika concludes eighth review

Subject to four prior actions, the eighth review of the Cyprus economic adjustment programme has been successfully completed by the troika of the island’s international lenders (IMF, EC, ECB).

Troika concludes eighth review Cyprus economic adjustment programme

Cyprus Finance Minister Harris Georgiades

FINANCE Minister Harris Georgiades announced on Friday that Cyprus has completed the eighth review of its economic adjustment programme, but warned that reforms must continue to improve the island’s economic performance.

Mr Georgiades anticipates that the eighth review will be the last and will be completed formally in mid-January after a Eurogroup meeting, which will be followed by the disbursement of a further tranche of the bailout loan.

It seems that a delegation from the troika of the island’s international lenders may not have sufficient time to carry out a further review before Cyprus exits the economic adjustment programme on 31st March 2016.

Prior actions

The troika has set four conditions (prior actions) for releasing the next bailout tranche:

  • Parliament has to adopt the bill relating to the creation of a new state-owned telecommunications company.
  • Cabinet approving the bill regulating CYTA employees labour issues.
  • Cabinet deciding the manner and format of the unbundling of the Electricity Authority of Cyprus (EAC), on the principles set out in the third EU energy package.
  • Confirmation by the troika of the loan sale bill that was adopted by parliament on 12th November 12 is to their satisfaction.

I have no news on the various outstanding property-related issues but will update everyone as soon as the information is available.

Readers' comments

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  • embapaphos says:

    @jill, yep pretty sure there is nothing stopping the ROC moving the goalposts later on….but after all the stink hasikos created over this….and the more or less unanimous vote in favor of the bill in passing of the law, I would like to think that the ‘wrongs’ that the bills corrects and so vehemently expressed by most MPS won’t be trashed.

  • Mike says:

    Jill – I’m afraid I am not convinced the troika will interfere in sovereign states’ affairs. My belief is too many place too much faith in EU bureaucracy believing they will sort out all that is perceived to be wrong. It cannot be in their interest to antagonise or dictate to the very members who make their existence possible. That’s my personal view and as a consequence the troika will be toothless. Certainly they will continue visiting and holding meetings – it certainly beats having to work and achieve results and as far as I’m aware another visit will take place during the first week of December.

  • Tony says:

    I totally agree with Jill and her concerns.

    I have been been ‘ripped off ‘ financially, several times over the years, by various government departments. I may be being cynical but have to ask myself if the many thousands who have paid or will be paying the 10 Euro Administration Fee to make applications for their Title Deeds are just providing a ‘stop gap windfall’ for the government coffers.

    Only time will tell I suppose.

  • Jill says:

    My big worry has been that the Troika will release the bailout funds before Title Deeds have been released to all of us who have applied. Will the Government move the goalposts again? Surely, the only reason they’ve agreed to us applying in the first place is because the Troika have withheld the funds until they sort out the Title Deeds?

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