Troika frustrated over snail paced bailout talks

Tte troika of international lenders is reportedly becoming increasing frustrated with the sluggish pace negotiations with Cyprus over a possible bailout, as Famagusta Gazette reports. With negligible progress in August, due to the summer long break, little has been achieved since June, when the government confirmed that help was needed to shore up its banks, which are heavily exposed to Greece. The troika said in July the economy of the island was in a "worse state than expected". Local media also report growing anger that Nicosia is "seeking to play games" over their courting of Moscow for an additional cash bailout of 5 billion euros. According to reports, the troika want to focus their attention on the bloated state payroll, social benefits and the restructuring of the Social Security and pension system. The two sides will set a date for the next troika visit on September 17 as Cyprus has to prepare for the Eurogroup and Ecofin meetings that will take place on the island on September 14 and 15.