economy

Cyprus recession less severe than projected

Despite the COVID-19 doomsday scenarios, the Cyprus economy shrunk -5.1% GDP, less than any estimate made by the government or European Union monetary bodies, Finance Minister Constantinos Petrides said Tuesday. Eurostat data

Bad Bank would reduce debt mountain

Economists have welcomed the idea of creating a state-owned bad bank to help the banking system offload toxic loans to focus on supporting a battered economy post-pandemic. Bank of Cyprus Financial Research

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Rise and fall of empires

By Pavlos Loizou  There is a typical cycle behind empires’ rises and declines. In the beginning, there is peace, prosperity, and productive debt growth. As the economy expands, a debt bubble is

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Cyprus economy to rebound 4.5% GDP in 2021

Finance Minister Constantinos Petrides expects to see the Cyprus economy bounce back from the pandemic with 4.5% GDP growth in 2021 following a 5.5% contraction during last year’s health crisis. Addressing Invest

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