Troika insolvency experts make visit to Cyprus

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According to the Cyprus News Agency, a team from the Troika (a committee led by the European Commission with the European Central Bank and the International Monetary Fund) is expected to arrive in Cyprus on the 10th of November for consultations on continuing the €10 billion bailout program and to assess the insolvency framework with authorities of Cyprus.
According to the Cyprus News Agency, a team from the Troika (a committee led by the European Commission with the European Central Bank and the International Monetary Fund) is expected to arrive in Cyprus on the 10th of November for consultations on continuing the €10 billion bailout program and to assess the insolvency framework with authorities of Cyprus.

During their stay, they will also hold meetings with political parties to exchange views on the outline, which aims at providing a safety net for certain vulnerable groups who may be at risk of losing their business or even their homes.

The framework is expected to be extremely beneficial in the aiding of these groups to stop foreclosure as a consequence of the economic downturn, is expected to be ready by the end of the year. The government is already involved with the political parties on bills, are on target with the objective and have all developments moving in the right direction.

Troika have requested each of the parties to nominate an expert, with most willing to oblige except AKEL (the Progressive Party of Working People in Cyprus) who has chosen to sit on the fence and refuses to send an expert for now.