ECONOMY

Nicosia presents troika with counterproposals

Cyprus countered proposals from the so-called troika in a bid to overcome remaining differences on the terms of aid the country needs to pay its bills and refinance its banks.

The Cypriot counterproposal covers disputed issues including privatization, wage indexation, pensions, liquidation of mortgaged property and natural-gas revenue, a person familiar with the situation said late on Tuesday on condition of anonymity because the deliberations are private.

Earlier, a Cypriot official had said a lot of work was accomplished in talks with the troika that oversees euro-area bailouts, though disagreements remain on serious issues.

Cyprus on June 25, became the fifth euro area member to request international rescue, which will encompass the public sector as well as banks which lost more than 4 billion euros in Greece’s debt restructuring. [Bloomberg]