Creditors back for 4th Cyprus bailout review

Staff Writer
Columbus CEO

NICOSIA, Cyprus (AP) — International creditors are back in Cyprus to measure the country's progress in implementing the terms of its 10 billion euro ($13.87 billion) rescue.

Officials from the European Union and the International Monetary Fund began talks with Cypriot authorities on Tuesday. Three earlier reviews found that the country's bailout program remained on track.

Key areas that creditors will focus on will be the health of banks which are grappling with a large number of bad loans, as well as progress in pushing through structural reforms.

The bailout agreed in March last year hit Cypriot banks hardest after mandating a raid on uninsured deposits in the two largest banks. The move prompted the government to impose strict capital controls on the banking sector. Most have now been lifted.