ECONOMY

Cyprus aims to complete troika talks this week, expects bailout tranche in May

Cyprus is expected to complete its negotiations with the troika this week and is expected to receive its first bailout tranche in early May.

Should negotiations with the visiting troika team be completed by the weekend, the officials will compile a report that will be submitted to the Eurogroup meeting scheduled for April 12 in Dublin.

Once the Eurogroup has approved the terms of the memorandum, the bailout agreement will then have to be approved by some eurozone countries’ parliaments.

It is expected that the German Parliament will vote on the Cyprus bailout in the third week of April.

Politis newspaper reported on Sunday that civil servants’ wages would be cut by 5 percent rather than the 3 percent originally planned. It also reported that 2,000 Education Ministry employees would have to be fired.