Cyprus President urges patience on the economy

Cyprus President Nicos Anastasiades suggested everybody to be patient concerning developments in the economy, noting that “hard work brings good results”.

In a brief statement, while exiting the Presidential Palace, in Nicosia, the President of the Republic responded to the press, by saying that “it needs to have patience and you will see that hard work brings good results”.

Excluded from international capital markets, Cyprus has requested financial assistance from the EU bailout mechanism after its two largest banks sought state aid following massive losses of their Greek bond holdings estimated at €4.5 billion, as a result of the Greek sovereign debt haircut.