Cyprus: Optimistic Troika Draft Memorandum

EnetEnglish has a copy of the draft

The draft Memorandum text

Sceptical comments by Eurointelligence:

"All data are based on the (insanely optimistic) forecast that the Cypriot economy will only contract by 8% this year...We have yet to see a realistic troika programme. The idea of a short sharp recession for Cyprus is insane. After the destruction of most of the country’s banking sector and the imposition of exchange controls, a 20% fall in GDP is far more likely, which would blow all these numbers out of the water. We assume that the troika is knows that these projections are deceitful, and that their whole purpose is to get  government/parliament to approve the programme, which will then be revised as reality sinks in".