Cyprus Mail

Troika agrees to let new laws prove their effectiveness

Finance Minister Harris Georgiades: solution will boost investments

By Stelios Orphanides

Finance minister Harris Georgiades said that international creditors have accepted the Cypriot government’s proposal to let the new insolvency and foreclosure framework run to test its effectiveness.

“At any time, which would happen either way, we will be ready to correct it or fill in as needed, if it is actually considered necessary,” Georgiades said in an interview on state radio CyBC today.

“There is no Cypriot legislation of this scope that has not been amended once or twice in the course of its implementation,” the finance minister said. “At the moment it is required to create some stability and have it actually work; there are very important adjustments introduced with these laws and we will have to see how they are implemented and at any future stage it is possible to review and to fill in and to correct”.

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