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Cyprus Fears Next Tranche May be at Risk

Cyprus EU PresidencyCyprus is unlikely to receive the next tranche of rescue funds from international lenders after falling foul of them over new legislation on loan foreclosures.
EU finance ministers meet today to discuss the bailout programme and government spokesman Nicos Christodoulides said disbursement of €436 million was unlikely to be on the agenda.
“Under the current circumstances the disbursement of funds is not a given; I think it will not happen,” Christodoulides told state radio.
He said the government is “trying to limit the impact of the non-disbursement of this instalment”.
Since the €10 billion bailout was agreed, Cyprus has been praised by the Troika of lenders for its diligent completion of loan requirements.
But lenders are unhappy with additions MPs attached to the legislation to dilute its effect on low-income groups and prevent mass repossessions.
Many of those had already been rejected by the Troika as “incompatible” with the foreclosure bill it wanted.
President Anastasiades sent two of the bills back to parliament and four others to the Supreme Court to rule if they are constitutional.
(source: incyprus, CNA)

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