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Cyprus' creditors say review agreement not possible

Xinhua, February 7, 2015 Adjust font size:

Cyprus' international lenders said on Friday an agreement on the review of the bailed-out island's economic reform program was not possible due to the lack of framework legislation regulating repossessions.

A positive review is a prerequisite for Cyprus to receive further financial assistance by its creditors.

The troika said in a joint statement that their technocrats will be back in Cyprus when "there will be conditions for a positive conclusion."

They said their technocrats just concluded an informal review of Cyprus' adjustment program but they did not specify when they will be back to finalize it.

"The application of the foreclosure framework and the adoption of a modern insolvency legislation are key program commitments," the troika's statement said. Endit