Troika’s missing link?

Food for Thought

As in every other “Program Country”, Cyprus is faced with an immense –if promising- restructuring program for its state mechanism. Aside from the ailing Bank of Cyprus, which will require the already pre-arranged miracle to survive, it should be no surprise that structural reforms constitute the single biggest “implementation risk” in its Program.

With a National Health System lingering on since the late 1980’s, but never implemented, with a shockingly inefficient civil service and with vast amounts of public spending disappearing in local administration, it will not be easy for Cyprus to pull this hare out of the hat. Indeed, if Cyprus can rightly claim that “it’s not Greece”, it nonetheless faces a steep uphill effort to implement all that is foreseen in the MoU.

world bankThis is why structural reforms constitute the single biggest “implementation risk” that the Troika is warning about. To be fair, much has already been done…

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