Brussels, 28/02/2014 (Agence Europe) - On Friday 28 February, the European Commission announced that the introduction by the Cypriot parliament of a law to privatise the island's public companies was a precondition for the payment of the next instalment of the Cypriot bailout.
A spokesman for Euro Commissioner Olli Rehn said that the Commission understands that the government is planning to put the draft law through parliament again.
On Thursday, the Cypriot parliament rejected by 25 to 25 and 5 abstentions a draft privatisation law to sell off the Cypriot Telecoms Authority and the Cypriot Port Authority by 2016, along with the Cypriot Electricity Authority by 2018 with a view to raising nearly €1.5 billion. The Cypriot parliament will have to vote through an amended version of the new law next week if the Eurogroup meeting on 10 March is to give the go-ahead for disbursement of €150 million in April (see EUROPE 11021). (MB)