Troika heads will hold new meetings on Friday afternoon with Cypriot Finance Ministry officials in a bid to further discussions on pending issues of the memorandum of understanding agreed in principle in the context of Cyprus` application for financial assistance from the European Stability Mechanism.

Earlier today, the heads of the Troika (European Commission, European Central Bank and the International Monetary Fund) met with Finance Ministry technocrats and at some point were joined by Minister of Finance Michalis Sarris, who will also attend the afternoon meetings.

At the same time, Troika technocrats continue discussions with the Central Bank of Cyprus on the provisions of the memorandum with regard to the financial sector. Earlier, the Troika heads met with Central Bank Governor Panicos Demetriades.

Reliable sources told CNA that the Troika mission`s stay in Cyprus remains open and their departure will depend on the course of the meetings, which will continue over the weekend.

Excluded from international capital markets, Cyprus has requested financial assistance from the EU bailout mechanism after its two largest banks sought state aid following massive losses of their Greek bond holdings estimated at €4.5 billion, as a result of the Greek sovereign debt haircut. The Troika and the Cypriot authorities have agreed on a preliminary memorandum of understating which includes the conditions for the granting of the financial assistance programme estimated at €17 billion