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Cyprus to auction treasury bills worth 200 mln euros

Xinhua, February 27, 2015 Adjust font size:

Cyprus will auction treasury bills worth 200 million euros in March, a finance ministry statement said on Thursday.

It said the treasury bills will be auctioned on March 3, 2015. They will have a value date of March 6 and will mature on June 5.

The issue of the treasury bills is aimed at generating revenue in the face of a delay in the release of financial assistance by international lenders, who bailed out Cyprus in a 10-billion-euro package in March 2013.

The International Monetary Fund withheld the release of 86 million euros after parliament suspended legislation regulating repossession of mortgaged property which is a prior action under Cyprus's economic adjustment program.

The troika - the collective name of the European Commission, the European Central Bank and IMF - has also delayed further evaluation of Cyprus's progress in implementing an economic adjustment program until parliament approves both the repossessions law and legislation regulating insolvency.

The delay in the troika's evaluation had disrupted Cyprus's plans to return to the markets this year, after being shut out from financing sources since 2011. Endit