ECONOMY

Troika postpones loan tranche to Cyprus

Cyprus’s creditors have not approved the foreclosures bill tabled in Parliament by the government in Nicosia, and as a result have decided to postpone the disbursement of the next bailout tranche to the island nation, as the issue will not form part of this Friday’s Eurogroup meeting, Cypriot Finance Minister Harris Georgiades (photo) told CyBC state radio on Tuesday.

He added that the troika of the European Commission, the European Central Bank and the International Monetary Fund would not have enough time to assess the bill that was voted into law by Parliament on Saturday.

The minister also warned of side effects from the delay.

Cyprus had been expecting a tranche of 350 million euros from the eurozone.