Bank of Cyprus, the one-time darling of the Cypriot economy that has suffered two waves of shareholder bail-ins, announced Tuesday a first-quarter loss of €26 mln as coronavirus began to bite. This
The Auditor-General, the watchdog keeping public finances in check, was the main stumbling block in getting the government’s private sector aid package through parliament, which the finance minister rescinded for fear of
While the government has done a better-than-expected job to keep coronavirus from the door the political establishment hasn’t quite got to grips with throwing a cash lifeline to the economy. There is
A government financial package worth around €1.5 bln for coronavirus-hit businesses has been stuck in parliament for two months now, due to disagreements over how the state guarantee for loans scheme would
Cyprus’ economy contracted 1.3% of GDP in the first three months of the year which includes the COVID-19 outbreak in early March. Seasonally adjusted GDP decreased by 3.8% in the euro area,
Cyprus’ economy is in need of oxygen and the necessary political consensus to support business during the coronavirus pandemic said Finance Minister Constantinos Petrides. Petrides held consultations on Monday via teleconference with
University of Cyprus economists expect the country’s coronavirus-stricken economy to shrink by 6.9% of GDP in 2020 under a baseline scenario and contract 13.1% under more adverse conditions. UCY Economics Research Centre
Cyprus’ economy will take three years to recover fully post-coronavirus after suffering a 13% decline in 2020, according to the worst-case scenario in the Finance Ministry’s stability programme. The worst-case scenario was
By Nicos Tripatsas The spread of coronavirus has brought catastrophic consequences, especially the loss of hundreds of thousands of our fellow human beings, while the damage to the global economy is enormous.
Cyprus on Monday began to unlock its COVID-battered economy as construction and retail opened for business, amid government warnings to closely follow health guidelines. Moving on from Monday’s first stage out of