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Memorandum of Understanding January 2016

A revised Memorandum of Understanding (MoU) between Cyprus and its troika of international lenders – European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) – has been published.

Further progress anticipated

The latest MoU between Cyprus and the troika of its international lenders will result in further progress being made to resolve the many issues faced by those who plan to buy or who have bought property in Cyprus.

Troika tightens screws on Cyprus property

The troika of Cyprus international lenders will not release the seventh tranche of the bailout loan until Cyprus property buyers who have paid in full have their title deeds transferred within 6 months.

Troika to conclude review today

The troika of Cyprus’ international lenders comprising the EC, the ECB and the IMF should conclude their sixth review of the island’s Economic Adjustment Programme today; a revised MoU is anticipated.

Ministers approve insolvency bills

The Council of Ministers has approved two of the five bills relating to the insolvency framework, but they will almost certainly be contested by opposition parties when they are discussed.

Troika team remain in Cyprus

Although they were scheduled to leave Cyprus today, a team from the Troika of international lenders will remain on the island until next Tuesday to discuss the insolvency framework.

Insolvency bills delay

Troika officials are unhappy with delays in the insolvency bills as only three of the four bills have been drafted to date and the chances of them reaching parliamentary committee by early December are slim.

EC rejects foreclosures laws

The foreclosures laws passed by the Cyprus parliament last Saturday are incompatible with the requirements of the Memorandum of Understanding (MoU), according to a European Commission spokesman.

Pressure on non-performing loan recovery

The troika of international lenders has raised the stakes on the recovery of non-performing by increasing pressure on delinquent borrowers who refuse to service their loans despite having the ability to do so.

Positive developments on hidden mortgages

The updated Memorandum of Understanding (MoU), which includes some positive developments for those deceived into buying property built on mortgaged land, has been published courtesy of Stockwatch.

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