The talks on macroeconomic and structural issues of the Memorandum were held at the Ministry of Finance between the Minister of Finance Charis Georgiades and head of the team of the Troika. Negotiations were mainly focused on the issues of privatization of semi-governmental organizations, restructuring of the public service, the establishment of a Financial Ombudsman and opening up of 'closed professions'. Troika is expected to issue an announcement on the results of the third review of the program. The Finance Minister is also expected to make statements to the press.

The Cypriot authorities and the Troika (EC, ECB and the IMF) agreed last March on a €10 billion bailout, featuring haircut of uninsured deposits. So far Cyprus has received two positive reviews on the implementation of the Memorandum of Understanding, covering the conditions of the financial assistance. The Troika mission in Cyprus for its third review is due to leave the island on February 12.

Source: Financial Mirror