Troika agree to allow new laws in Cyprus to prove their effectiveness

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The finance minister in Cyprus, Mr Harris Georgiades said that international creditors have accepted the government in Cyprus’ plan to allow the new insolvency and foreclosure framework to go ahead in order to assess its efficiency.
“During any given time, we can be prepared to correct it as required or amend any details, if after the implementation it is considered to be necessary” Mr Georgiades stated in an interview on the radio station CyBC last week.

There is no legislation in Cyprus of such scope that has not already been amended once or twice throughout the course of its implementation the finance minister considered. Currently it is required to create some stability and have it work; there are critical alterations presented with any new legislation and we will have to see how they are implemented and at any future stage.