NICOSIA, Cyprus – International creditors have begun their second review of Cyprus’ bailout program to ensure authorities are faithfully implementing its tough terms.
Officials from Cyprus’ eurozone partners and the International Monetary Fund on Tuesday will be meeting Cyprus’ finance minister and central bank governor.
The review is expected to run through November 8. Teams of EU and IMF officials will scrutinize the restructuring of Cyprus’ gutted banking system, public finances and plans to privatize government-owned enterprises.
Cyprus in March received a 10 billion euro ($13.78 billion) loan to save it from bankruptcy on condition that uninsured depositors in the country’s two largest banks take huge losses on their savings. Authorities also imposed capital controls to prevent a run on the banks.