Troika’s second review of Cyprus economy begins

For the next 10 days, until November 8, the fiscal restructuring progress and the financial system of Cyprus will once again come under the scrutiny of the international creditors’ troika.

The latest mission arrived on Tuesday in a country where much has been done but more is still left to do.

President Anastasiades expressed his confidence that the second review will return “equally important and positive” results as the first assessment did three months ago. Economic analysts agree that the fiscal policy implemented by the fervent free market advocate Harris Georgiades is producing or is well placed to produce results, with special praise for his insistence on “cuts and not taxes”.

But the troika of creditors is bound to pay particular attention to the new landscape of the banking sector and how viable the restructuring process will be in the long run.

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