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Troika mission reviews implementation of Cyprus’ adjustment programme, O Connor says

22 July, 2013

The Troika’s mission to Cyprus reviews the implementation of the economic adjustment programme, Simon O’ Connor, the Spokesman of EU Commissioner for Economic and Financial Affairs, Olli Rehn, told CNA.

Asked about the first EC-IMF-ECB review mission to Nicosia, which began on 17 July, O’ Connor said that “the mission will review the implementation of the economic adjustment programme, which was approved by both the Eurogroup and the Cypriot authorities in April, and to update the memorandum of understanding”.
“The mission will particularly focus on progress with the resolution and restructuring process in the financial sector," he told CNA.

On March 25, Cyprus agreed with the European Commission, the European Central Bank and the International Monetary Fund, collectively known as the Troika, on a €10 billion bailout, which included the winding down of Cyprus Popular Bank, the island’s second largest bank, whose assets and employees were absorbed by Bank of Cyprus (BoCY), the island’s largest lender, which is currently undergoing a major restructuring.