Troika representatives continue their meetings in Cyprus

Cyprus President Nicos Anastasiades is meeting today, at 12 o’ clock with the heads of a Troika delegation (European Commission, ECB, IMF) at the Presidential Palace. The Troika is having a series of contacts in Nicosia since Monday.

Earlier this morning, another meeting started at the Central Bank of Cyprus between a second Troika delegation, consisting of technocrats, and CBC experts. As CNA learns, discussions concern financial sector matters in relation to Cyprus’ bailout agreement.

Excluded from international capital markets, Cyprus has requested financial assistance from the EU bailout mechanism after its two largest banks sought state aid following massive losses of their Greek bond holdings estimated at €4.5 billion, as a result of the Greek sovereign debt haircut.

Another meeting at the Central Bank also takes palace this morning, between the Deputy Governor of the CBC Spyros Stavrinakis and a delegation from the House Committee on Finance of the German Bundestag, visiting Cyprus. Discussions are expected to concentrate on bailout negotiations with the Troika, anti-money laundering practices and the restructuring of Cyprus’ banking sector.

The heads of the Troika delegation continue in the meantime their contacts at the Finance Ministry, ahead of their meeting with the President of the Republic, at noon, in the presence of Finance Minister Michalis Sarris. On Friday, they are expected to meet with CBC Governor Panicos Demetriades.

Sarris had earlier today also a meeting with the German House Committee delegation.

Nicosia dismisses that Cypriot banks engage in money-laundering activities. The government said that it has “nothing to hide”, ahead of an independent evaluation concerning the implementation of Cyprus’ anti-money laundering legislation, decided at a recent Eurogroup meeting. The evaluation will be carried out with the Council of Europe’s Moneyval involvement, under the supervision of the Central Bank of Cyprus.
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