Cyprus & World News

Negative course of Cyprus economy “reversed”, says president

24 June, 2014

The government is making every effort for Cyprus to recover from the financial crisis and, despite the short time since the derailing of the public finances and the shock the banking system suffered, the course of the economy has already been reversed and is on the right track, albeit at the start, President Nicos Anastasiades said on Monday night.
In an address read out at the 19th graduation ceremony of the University of Cyprus, Anastasiades said the banking sector was gradually stabilising, total deposits have recorded a rise for the first time since December 2012, and the Bank of Cyprus recorded profits in the first quarter of 2014, while at the same time local transaction restrictions have been lifted.
President Anastasiades pointed out that there have been positive credit ratings after 22 consecutive downgradings, and Cyprus has obtained four consecutive positive evaluations from the Troika of international lenders, adding that the most important and indicative reassurance was the successful opening to international markets.
The president noted that after the hard work of the past year by the government, the political leadership, the social partners and the society, averting the total collapse of the economy, the country was now on the way to recovery, and pointed out that efforts to attract new investments, create new jobs, and promote prospects for the exploitation of Cyprus’ hydrocarbon deposits would continue.
Referring to the University of Cyprus, President Anastasiades praised its work and successes, as well as the fact that it has managed to secure foreign funding for many projects.