Brussels, 11/05/2015 (Agence Europe) - The institutions (European Commission, ECB and IMF) left Cyprus on Friday 8 May, needing just a few elements on the insolvency package and foreclosures in order to wrap up their monitoring mission.
“The teams welcomed the authorities' continued progress on their reform programme, including the strong improvement in the public finances and the implementation of important reforms, including the recent adoption of modern insolvency and foreclosure legislation”, the three institutions commented in a press release.
Noting progress towards an agreement at technical level, Cyprus' donors added that they await a rapid conclusion of the monitoring mission as soon as the elements regarding this legislation are available. It is reported that a number of implementation regulations have not yet been set in place.
At the Eurogroup meeting in Riga at the end of April, the Director General of the European Stability Mechanism, Klaus Regling, stated that the next tranche of support would probably be paid in June, leaving the parties enough time to conclude. At the end of April, the Cypriot authorities raised €1 billion on the markets at a rate of 4% via an issuing of seven-year bonds. They hope to be able to make a clean break from the economic adjustment programme (see EUROPE 11304). (Elodie Lamer)