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