Cyprus & World News

Troika technocrats start contacts in Cyprus

06 May, 2014

A delegation of Troika technocrats started Tuesday morning its contacts at the Central Bank of Cyprus, in the framework of the fourth mission review of the country`s adjustment programme.

Technocrats will conclude their contacts by May 12.

In statements today, CBC Spokesperson Aliki Stylianou said that Tuesday`s meetings will focus on developments in the banking sector and the regulatory framework.

Moreover, discussions will also dwell on restrictive measures on financial transactions, compliance of Cypriot banks with new CBC directives and progress in the handling of NPLs.

Troika officials are also talking to the Health Ministry on reforms of the health system.

Later in the afternoon, the Troika delegation will meet with the Consumers` Association and the Association for the Protection of Borrowers.

Stylianou said moreover that during the next days and up until the end of the week, meetings will focus on the implementation of restructuring plans of financial institutions.

Cyprus is currently implementing a 3-year fiscal adjustment program, following a bailout deal, reached last year with its international lenders, known as the Troika (European Commission, ECB, IMF).