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CYPRUS: FinMin warns of halt in Troika payment.

Finance Minister Haris Georghiades warned members of the House Finance Committee that any delay in implementing or blocking the economic adjustment programme with the Troika of international lenders could result in the next payment of the bailout tranche not being paid.

Georghiades said that the EUR 350 mln in bailout money expected by December 15 would not materialise if obstacles were laid in the way of the memorandum of agreement (MoA) with the Troika.

He was referring to the opposition parties' efforts to introduce a new bill to the foreclosures package nearing its final stages, whereby the implementation of the foreclosures and insolvencies bills could be delayed by another six months.

The irony is that Minister Georghiades will probably find unexpected support from the civil servants, whose 13th month bonus will not be paid if the next tranche of bailout money does not arrive in time.

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Publication:Financial Mirror (Cyprus)
Date:Nov 19, 2014
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