Sixth Troika re­view “within weeks”

Financial Mirror (Cyprus) - - FRONT PAGE -

The sixth re­view of the 10 bln euro bailout “ad­just­ment pro­gramme” is ex­pected to be com­pleted within weeks, if not as early as next week, ac­cord­ing to Fi­nance Min­is­ter Har­ris Ge­or­giades who said that the Troika tech­nocrats are now ex­am­in­ing the fore­clo­sure reg­u­la­tions and the frame­work for in­sol­ven­cies that were re­cently ap­proved by par­lia­ment.

Upon the de­par­ture of the last Troika team of in­spec­tors, Ge­or­giades had said that he was con­fi­dent Cyprus would get a pos­i­tive re­view, paving the way for the dis­burse­ment of the next loan tranche from the IMF and the EU next month, while also al­low­ing Cyprus bonds to be in­cluded in the ECB’s quan­ti­ta­tive eas­ing pro­gramme.

The Troika team said Cyprus needs to com­plete two “prior ac­tions” – leg­is­la­tion on the sale of loan and mort­gage port­fo­lios, and an­other that would al­low prop­erty buy­ers to se­cure ti­tle deeds hav­ing re­paid their mort­gages but the de­vel­oper would have re-mort­gaged the prop­erty.

Mean­while, the rul­ing DISY party said that an op­po­si­tion pro­posal to sus­pend pri­vati­sa­tions un­til 2017 would only serve to ex­tend the du­ra­tion of the is­land’s bailout pro­gramme at a time when the coun­try was close to ex­it­ing.

Po­lit­i­cal par­ties have em­barked on their pop­ulist elec­tion cam­paigns for a new par­lia­ment in May 2016 and are ap­peal­ing to trade unions and public-in­ter­est groups for votes by claim­ing that they will op­pose any sale of na­tional as­sets, in­clud­ing the tele­coms com­pany Cyta, power gen­er­a­tor EAC and the Ports Author­ity, out of which the state needs to raise some 1.4 bln eu­ros by the end of 2018.

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