The IMF is currently praising Cyprus for its efficiency in pursuing the Troika’s stabilisation programme, at least with respect to public finance. It appears that the Cypriot government will deliver on the target of 7% fiscal adjustment over 2013-14. It has even been announced that the primary deficit for 2014 will be 3% of GDP instead of the IMF projected 4.25%. A successful programme then? Not according to research currently undertaken by Research on Money and Finance (RMF) in London in conjunction with Prometheus Research Institute in Nicosia.