The fate of the fifth and final draft bill, comprising the insolvency framework, depends on the Troika of lenders, while the Cypriot government is focusing its attention on finalizing the bill as soon as possible, according to reliable sources.
“As soon as Troika gives the green light, the bill will be presented before the next Cabinet meeting” the same sources have said, noting that if Nicosia acts without the approval of its international lenders, it could risk losing everything.
Four out of the five bills relating to the insolvency framework aiming to protect vulnerable groups from foreclosures of mortgaged property have been tabled to the Parliament.
Cyprus agreed in March 2013 with the Troika – European Commission, European Central Bank, International Monetary Fund – a €10 billion bailout.
CNA/AGK/MM/2014
ENDS, CYPRUS NEWS AGENCY