Cyprus President calls meeting to examine economy

President of the Republic Demetris Christofias has called a broad meeting for Friday to discuss the economy, with the participation of ministers and other officials.

The meeting will focus on accelerating the implementation of the government's development plan and examine new possible measures proposed by many organisations.

Minister of Finance Charilaos Stavrakis expressed hope on Thursday that the government was ready, within a few weeks, to announce further measures to help reduce interest rates.

He added that the government was prepared to examine a bank's application for a state guarantee, so that it could draw money from international markets at a lower price.

Stavrakis also said that the slowdown of the economy, which cripples the demand for new loans, and an increase in liquidity would surely lead to a drop in interest rates, adding that this should be done the soonest possible so that the people are benefited immediately.