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Talagi said Niue and China ushered in the festive

NICOSIA Adidas Ultra Boost 4.0 España Baratas , July 25 (Xinhua) -- Technocrats representing international lenders concluded a fifth review of Cyprus's economy on Friday after several days of hard talks which had threatened to derail an otherwise better-than expected path to economic recovery.

A senior European Commission source said Cyprus was making "relatively good progress" after a 10-billion-euro (13.5-billion-U.S. dollar) bailout in March, 2013, but he warned that key challenges to recovery still lay ahead.

Talking on behalf of representatives of the lenders, comprising the European Commission, the International Monetary Fund and the European Central Bank Adidas Ultra Boost 4.0 España , collectively known as the troika, the source said the island's fiscal performance was on track and that the banking sector had started to stabilize.

But he said non-performing loans totaling over 27 billion euros comprising over 50 percent of domestic bank loan portfolios needed to be urgently handled.

The sticking point in the negotiations which started on July 15 was the procedure to be followed in foreclosure of bad loans.

It took four hours of talks with President Nicos Anastasiades himself on Tuesday night and several hours of talks with Finance Minister Harris Georgiades on Friday to reach a compromise on a repossession procedure to replace the time-consuming current process under which it could take a bank up to 20 years to reclaim the money it lend.

The European Commission source briefing journalists on the outcome of the review said the key challenge is to address the issue of non-performing loans.

Under the compromise solution found between the government and the troika, there will be up to three appraisals of property value, one by the bank, one by the debtor and in the case of a disagreement one by an independent appraiser to serve as a basis for the repossession procedure to start.

A new law on repossession will have to be ratified by parliament and will exclude primary residences from foreclosure until a new and more effective insolvency law will be brought into effect from January 1.

Commission officials said the legislation was a "prior action" Hombre Adidas Ultra Boost Parley Marino Azul Blancas España , meaning its approval by parliament was a prior requirement before new aid is disbursed.

A statement issued by the troika said that the banks, resolved in last year's bailout of Cyprus, are advancing with their restructuring plans and capital raising while supervisory monitoring of their actions and operational capacity to address non-performing loans has been enhanced.

The troika said the macroeconomic outlook remains broadly unchanged compared to the fourth review.

"The authorities have pursued a cautious fiscal policy, which helped allow them to over-achieve fiscal targets consistently. Such prudence should continue, in light of lingering risks Mujer Adidas Ultra Boost Rosa Gris España ," the statement added.

The troika said next year's budget needs to be based on conservative assumptions to help achieve a smooth path towards the medium-term primary fiscal surplus (budget surplus before debt servicing) target of 4 percent of GDP in 2018 that will put public debt on a sustained downward path.

It cautioned that timely implementation of a contentious plan to privatize state owned enterprises is necessary to increase economic efficiency, attract investment, and reduce public debt.

"Given still high risks, continued full and timely policy implementation remains essential for the success of the program," the troika statement concluded.

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