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Urgent need for Cyprus economy to return to stability, says House President

28 June, 2013

There is an urgent need for Cyprus economy to return to stability, House President Yiannakis Omirou said Thursday, adding that severe austerity measures without growth and creation of jobs are doomed to fail.

Speaking during the graduation ceremony at the University of Cyprus in Nicosia, the House President said that a dominant education system can be the answer to the current economic crisis.

Referring to the recent Eurogroup decision on Cyprus, Omirou said that our country was a guinea pig , pointing out that the measures imposed by our international lenders, will lead to deep recession and increase of unemployment. He said that our European partners showed no solidarity towards Cyprus , adding that the lack of trust among the citizens, deepens the democratic deficit in the EU.

Last March Cyprus agreed with international lenders on 10 billon euro aid package, under which it closed down the Popular Bank, and imposed painful losses on deposits of more than 100,000 euros held at the euro zone state`s biggest lender, Bank of Cyprus. Both institutions were heavily exposed to the Greek debt.