Cyprus & World News

Troika and Cyprus FinMin conclude talks on updated Memorandum

11 February, 2014

The talks between the Government and the Troika on the updated text of the Memorandum in the context of the third review of the Cyprus program have been concluded, a reliable source told CNA.
The talks on macroeconomic and structural issues of the Memorandum began this morning at the Ministry of Finance between the Minister of Finance Charis Georgiades and head of the team of the Troika.
Negotiations were mainly focused on the issues of privatization of semi-governmental organizations, restructuring of the public service, the establishment of a Financial Ombudsman and opening up of “closed professions”.
Troika is expected to issue an announcement tomorrow on the results of the third review of the program. Finance Minister is also expected to make statements to the press tomorrow.
The Cypriot authorities and the Troika (EC, ECB and the IMF) agreed last March on a €10 billion bailout, featuring haircut of uninsured deposits. So far Cyprus has received two positive reviews on the implementation of the Memorandum of Understanding, covering the conditions of the financial assistance.
The Troika mission in Cyprus for its third review is due to leave the island on February 12.