Cyprus Mail

Troika technocrats start contacts for sixth Cyprus evaluation

Crowding as the banks reopened in March 2013

A mission of technocrats of Cyprus’ international lenders (IMF, European Commission, European Central Bank) – known as the Troika – start on Monday contacts in Nicosia to prepare the ground for the next, sixth, evaluation programme of Cyprus by its international lenders, which will take place in January.
An IMF source told the Cyprus News Agency that the insolvency framework is the focus of the programme at this stage.
Technocrats of theTroika are also expected to raise the issues related to the General Health Plan, the privatisation of semi-goverment organisations and gradual, complete elimination of capital controls imposed in Cyprus in March 2013.
The International Monetary Fund considers that the prior actions demanded by the adjustment programme have been fulfilled and the IMF’s Governing Board will convene in December to conclude the fifth review.
The Troika mission will remain on the island until November 14.
In March 2013 Cyprus and the Troika agreed a €10bn financial assistance package which featured a haircut on uninsured deposits (over €100,000) to recapitalise the Bank of Cyprus, whereas Laiki Bank was wound down and depositors lost all their savings above €100,000.

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