IMF freezes next bailout tranche to Cyprus

The International Monetary Fund (IMF), which together with the European Commission and the European Central Bank comprises the troika that supervises bailouts in the euro area, said it will not release the next tranche of bailout money earmarked for Cyprus.

The troika may delay its next mission to Cyprus scheduled for January 27, 2015 to evaluate Cyprus’s progress in implementing its economic and financial reform programme following yesterday’s parliament vote, the Cyprus News Agency reported citing an unnamed troika official.

International lenders expect explanations from the Cypriot government over how it will manage the crisis, CNA reported adding that the vote angered some euro area members while the parliaments of certain countries of the common currency bloc, which made funds available for Cyprus’s bailout, demanded explanations from the European Commission.

Source: Cyprus Mail