articles | 24 April 2015

Cyprus edging out of recession

Finance Minister Harris Georgiades told his colleagues at the Eurogroup meeting in Riga recently that the island was “edging out of recession,” while the group’s Chairman Jeroen Dijsselbloem welcomed the news for Cyprus.

In a message on twitter Georghiades said: “My message at Eurogroup: Cyprus edging out of recession, with pro-reform, pro-market agenda & growth-friendly fiscal consolidation”.

He also issued a brief statement saying that “we are leading the Cypriot economy out of recession by promoting reforms and consolidating public finances”.

Georgiades added that “we are making any new tax measures unnecessary and we are regaining market confidence, thus creating prospects for investment and conclusion of the Cypriot (adjustment) programme”.

“This is the message that I conveyed today to the Eurogroup. We remain committed to this policy”, he concluded.

Dijsselbloem said that the Eurogroup meeting had a full agenda, and that “all eyes are on Greece. I understand that there have been recently some positive signs, but there are still wide differences to cover and to bridge on substance.”

Moving on, he said that “we were informed that on 17 April the Cypriot parliament legislated to establish an insolvency framework and that will also make an end to the suspension of the foreclosure framework, which if I am informed correctly is coming to place on 6 May. This framework is needed to restore compliance with the prior actions of the fifth review. We therefore welcomed this important step bringing the programme back on track, which will allow the institutions to return to Nicosia to carry out the next review.”

“Another important development is that Cyprus lifted the last remaining capital controls on April 6th. Free circulation of capital has thus now been restored,” Dijsselbloem concluded.

Source: Financial Mirror

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