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Reduction of bond yield the safest sign that Cyprus economy is on track

07 April, 2014

The reduction of the Cypriot bond in the international markers constitutes the safest sign that the economy is on track, Minister of Finance Harris Georgiades has said.

The yield of the Cypriot ten-year bond declined to a two-year low at 5.6% on Friday from the all-time high of 14.6% reached in June 2012, reflecting the improvement in the fundamentals of the economy, experts told CNA earlier today.

“There could not be a safer and clearer sign that the economy is on the right track,” said Georgiades commenting the yield reduction.

He however stressed that the difficulties remain noting that the economy should stand on its feet gain “without the support and the guardianship of others,” implying the bailout Cyprus receives from its international lenders, that is the EC, the ECB and the IMF.

“We will succeed if we continue the policy that has started to bare fruit,” he addedd.