The banking sector to be the main focus of Troika’s visit to Cyprus

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The second Troika delegation visit to Cyprus main focus will be on the banking sector, the Ministry of Finance has said.

According to a press release issued here on Monday, the Troika delegation (EC, ECB, IMF) visit starts its second round meetings in Cyprus with representatives of the Central Bank, the Ministry of Finance, relevant government departments, semi-governmental organisations and social and other relevant stakeholders.

The main aim of the meetings, it is noted, “is the further discussions on various issues, including the assessment of macroeconomic trends, prospects for public finances and the recapitalisation needs of the financial sector”.

It is further added that “the meetings aim at developing common views with regard to the main challenges currently facing the Cyprus economy as well as the appropriate strategy and policy responses”.

“The main focus will be on the banking sector”, the Ministry of Finance notes.

The meetings are expected to be completed by July 27.

The Troika delegation had initially paid Cyprus a visit in late June on a fact finding mission, as part of Cyprus` application for financial assistance from the EU bailout mechanism.