CYPRUS: Public debt estimated at €18.9bn

The level public debt is expected to rise to 18.9 bln euros by the end of 2014, from 18.4 bln at the end of 2013, according to the Finance Ministry.
A document prepared by the Ministry, titled “Medium-term debt management strategy 2015-2019” notes that debt maturities are estimated at 1.3 bln euros for 2015, will rise to 1.75 bln in the 2016-2018 period, and for 2019 are estimated at 2.2 bln.
The Ministry notes that the concentration of debt maturities in the 2015-2020 period increases the risk for refinancing debt during the first post-programme period, which starts in 2016.
It proposes to keep the levels of annual maturities low during this period, in order to mitigated the need for securing financing from the markets.