Cyprus could contract again in 2010 -C.Bank

Cyprus cannot rule out the possibility of negative economic growth in 2010, following a 1.7 percent contraction in 2009, Central Bank governor Athanasios Orphanides said on Monday.

"Real GDP recorded a reduction of 1.7 percent in 2009. Unfortunately it appears the economy remains in recession and we cannot rule out a negative rate of growth also in 2010," Orphanides, who is also a member of the Governing Council of the European Central Bank, told the finance committee of Cyprus's parliament.