The Cypriot economy has a lot of prospects to recover, especially after the findings of hydrocarbon reserves in the island’s Exclusive Economic Zone (EEZ), Cypriot Nobel Prize winner, Christopher Pissarides has said.
Addressing Wednesday an event organised in his honor by the House of Representatives, Pissarides said that Cyprus has every reason to hope for the recovery of its economy, noting that the findings of natural gas reserves in Cyprus’ EEZ will lead to the recovery of the economy in about 2-3 years.
Referring to the high percentages of unemployment in the world, he said that the world economy must first recover before dealing with the issue of unemployment.
Unfortunately, he said, Europe's economy faces the worst of problems, adding that until now, no tangible solution has been found
to deal with those problems.
The Cypriot Nobel Prize winner said that there are many prominent Cypriot scientists in Cyprus and abroad and expressed satisfaction with the support they receive.
Addressing the event, President of the House of Representatives Yiannakis Omirou said that scientists like Pissarides with their ''knowledge and international experience'' can contribute to the recovery of the Cypriot economy.
Omirou noted that at a time when unemployment rises, the economic model introduced by Pissarides could help Cyprus find the necessary solutions to overcome the economic crisis.
Pissarides, a Cypriot Professor of Economics, was among the scientists who won the 2010 Nobel of Economics.
According to the Royal Swedish Academy of Sciences, US professors Peter Diamond and Dale Mortensen and Cypriot citizen Christopher Pissarides won the 2010 economics Nobel for work focusing on problems like unemployment.
On the 28th of December 2011, Cyprus President Demetris Cristofias announced that the results of Noble Energy's exploratory drilling in Cyprus' block 12 in its EEZ, are positive, describing the discovery of hydrocarbons as historic for the island.
Christofias said that Noble discovered 310 feet of net natural gas pay, adding that the drilling reached a depth of 19,225 feet in water depth of about 5,540 feet.
''The initial data that emerged from the exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf,'' he said.
