GREECE: No cause for concern says FinMin; Cyprus is “more stable”

The political and economic situation in Cyprus is “more stable” than that in Greece, Finance Minister Haris Georghiades said, adding that the authorities are not concerned about an fall-out from the elections and the free-fall of the Greek stock market and bond yields.

“I hope there is no political instability in Greece for the sake of the Greek and euro area economy,” the Georghiades said in statements to state radio CyBC. “There are no direct financial ties as those that existed in the past that would cause us additional concern”.
Both Cyprus and Greece “are on an equally difficult economic path and often face difficulties including political ones. However we have a more stable political structure and have overcome the difficult part with respect to the banking system and public finances,” the minister said, adding that there is an impression internationally that each of the two countries’ course is “distinguishable”.
He said he hoped Greece, which “covered a lot of distance” on its reform course, will not see the efforts and sacrifices of its people gone wasted.
Yields of Greek bonds spiked once again over fears a Syriza-government could derail the economic reform programme agreed with international creditors.