Cyprus & World News

Troika continues contacts in Cyprus

16 July, 2014

A delegation of Cyprus' international lenders (Troika) continues on Wednesday its contacts with stakeholders on the island in the framework of the fifth assessment of the country's economy.

Troika technocrats are meeting this morning representatives of the Cyprus Bar Association, the chairman of the Board of Directors of Cyprus Airways Tony Antoniou at the Directorate General for European Programmes, Coordination and Development.

The heads of Troika are also meeting with the President of Social Democrats - EDEK party.

Troika officers will meet with a delegation of the Cyprus Investment Promotion Association (CIPA), technocrtas will have a two-hour meeting with the Institute of Certified Public Accountants of Cyprus (ICPAC) for money laundering issues.

In the afternoon international lenders will meet with the Cyprus Employers and Industrialists Federation (OEB) and the Cyprus Chamber of Commerce and Industry (CCCI).

Troika is set to continue its contacts until July 22. Discussions will follow at a political level for the fifth review of Cyprus' Memorandum between the heads of the Troika and the Minister of Finance, which is expected to be completed by July 25.

Cyprus has been in recession since Q2 2011. Faced with the collapse of its banking sector, Cyprus and the Troika agreed in March 2013 on a €10 billion bailout that featured an unprecedented haircut on deposits over €100,000, coupled with strict capital controls that hampered economic activity. So far Cyprus has had four positive programme reviews and restrictions on transactions have been gradually eased.