International lenders begin fresh review of Cyprus' economy

GMT 01:16 2014 Tuesday ,11 November

Arab Today, arab today International lenders begin fresh review of Cyprus' economy

Technocrats representing Cyprus' internationa
Nicosia - XINHUA

Technocrats representing Cyprus' international lenders on Monday started a week-long review of the eastern Mediterranean island's progress in implementing a bailout economic adjustment program.
The troika technocrats, representing the European Commission, the European Central Bank and the International Monetary Fund, met with government officials to focus on framework legislation regulating insolvency, which is currently being drafted by the Cypriot government.
Their return to Cyprus came only days after international lenders decided last week to resume economic assistance to the island after a two-month suspension.
Cyprus was saved from bankruptcy in March, 2013 by a 10-billion-euro deal (about 12.5 billion U.S. dollars) involving a harsh austerity program. The country also experienced the shakedown of its banking system in the world's first bail-in wherein creditors are required to partially bear the burden by allowing part of the debt owing to be written off.

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