Troika embarks on second week meetings in Cyprus

A Troika mission (European Commission, European Central Bank and the IMF) continues for a second week its meetings in Cyprus, in the context of the second review of the Cypriot adjustment program.

On Monday, the mission will conduct meetings on various issues including foreign investment, public debt management and housing market prospects.

According to the initial schedule, members of the Troika are meeting with Finance Ministry officials to discuss public debt management. At a separate meeting, the mission will meet the Cyprus Investment Promotion Agency (CIPA).

Another group of technocrats will meet later on officials from the Finance Ministry, the Central Bank and the Statistical Service to discuss wage statistics. A parallel meeting will be held with the Commissioner of Electronic Communications and Postal Regulations.

At noon, Troika technocrats will discuss housing market prospects with Finance Ministry officials and professional associations.

On March 25 Cyprus and the Troika agreed on a €10 billion bailout which featured an unprecedented haircut on uninsured deposits in a bid to recapitalize Bank of Cyprus, the island’s largest lender. The bailout also provided that Cyprus Popular Bank, the island’s second largest bank would be wound down with its good part absorbed by Bank of Cyprus.