Cyprus

European Commission: Cyprus can overcome economic challenges

by fm

5th June 2012

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1 min read

The European Commission is confident that Cyprus can overcome existing challenges concerning the economy, its public debt and the banking sector, a Commission Spokesman said on Monday.

Olivier Bailly confirmed that the Commission is in close contact with Cypriot authorities, as well as with other Eurozone members, to discuss the issues.

He further noted that “there is nothing new to comment on”, while he pointed to the recommendations, issued by the European Commission on May 30.

“We are confident that Cyprus will overcome existing challenges, provided that it will implement the reforms that have been agreed and will follow the recommendations we issued last week” Bailly concluded.