Building the Legal Framework of Privatizations in Cyprus as a Requirement of the Bailout Agreement.

Thomas Papadopoulos

This paper will present and discuss the newly adopted privatization law of the Republic of Cyprus. Cyprus was the last victim of the Eurozone crisis(2013). A bailout agreement was reached between Cyprus and its creditors (European Commission, European Central Bank and International Monetary Fund). This bailout agreement was accompanied by a Memorandum of Understanding (MoU) on specific economic policy conditionality requiring certain reforms. The Cyprus MoU required among others privatizations of certain State-owned enterprises. In 2014, Cyprus adopted the "Law on Privatization" stipulating the details of the privatization process. This paper will present and discuss the most important aspects of this Law. An overview of the administrative process will be provided. The objectives and rationale of this privatization law will also be analyzed. The corporatization process of State-owned enterprises will also be commented, in the context of the international experience. Moreover, certain proposals in the light of the golden shares case law of the Court of Justice of the EU will be made. The contribution - or not - of this privatisation procedure to sustainable value creation will also be discussed.Dr. Thomas Papadopoulos, DPhil (Oxford), Lecturer in Business Law, Department of Law, University of Cyprus.





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