A 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