NNe­exxtt ttr­raan­nc­ch­hee ooff 443333 mm­llnn ““aafft­teerr yyoouu ppaassss ffoor­reec­clloos­su­ur­reess””

Financial Mirror (Cyprus) - - FRONT PAGE -

The next tranche of Troika bailout money to Cyprus of 433 mln euros will be dis­bursed once the re­quired ?prior ac­tions? of pass­ing the fore­clo­sures bills in par­lia­ment have been com­pleted, Eurogroup Pres­i­dent Jeroen Di­js­sel­bloem said on Mon­day.

The Dutch Fi­nance Min­is­ter said that putting in place an ef­fec­tive le­gal frame­work for pri­vate debt re­struc­tur­ing re­mains an im­por­tant pend­ing is­sue that pre­vents the con­clu­sion of the fifth re­view of the macroe­co­nomic adjustment pro­gramme.

Di­js­sel­bloem noted that “once the Troika in­sti­tu­tions con­firm that the re­quired prior ac­tions have been suc­cess­fully com­pleted, we can pro­ceed with the dis­burse­ment of the next tranche of fi­nan­cial as­sis­tance by the ESM. And we’ve asked the euro work­ing group to han­dle the re­main­der of this process,” he said.

Di­js­sel­bloem said that “four bills that would af­fect this le­gal frame­work are cur­rently be­ing as­sessed by the Supreme Court of Cyprus and we await the out­come of this process.”

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