Troika Completes Cypriot Assessment

The European Central Bank, the International Monetary Fund and European Commission delegates offered a collaborative statement, "staff-level agreement was reached on policies that could serve as a basis for completion of the fifth review", as reported by Kathimerini.

The financial leader's statement also confirmed that Cyprus consistently attained fiscal target goals that held a substantial margin in the first six months of 2014, and referred to this as a "prudent budget execution".

Additionally, troika claimed that Cypriot lender's restructuring plans and revenues were progressing, along with the island's structural reforms. In September, troika's review will undergo an approval process by the EU and the IMF.

Cyprus is scheduled to attain approximately 86 million euros from the IMF and 350 million euros from the European Stability Mechanism under the bailout protocol.

(Source: ekathimerini.com)