Local
articles | 06 October 2015

Cyprus has stood on its own feet again

“Cyprus has stood on its own feet again and has regained its international credibility,” said Finance Minister Harris Georgiades recently.

Addressing a conference of the ruling right-wing Democratic Rally party, Organization of Young Scientists (ONE), Georgiades stated however that there are still serious problems and challenges that need to be addressed.

Referring to the recovery of the economy, Georgiades said that “this is our answer to those who were calling us earlier this year to abolish the memorandum”.

The minister stressed that “we will never be dragged into irresponsible policies,” adding that this has been made clear by Cyprus President Nicos Anastasiades.

He stressed that the government will continue its efforts towards change, modernization, and the renewal of structures and institutions, procedures and attitudes.

The minister pointed out that the government is determined to implement the reforms it has undertaken to fulfil, with confidence and with certainty that the difficult task undertaken is bearing results.

“The efforts of our fellow citizens and the enterprises and the responsible attitude taken by specific political parties bear fruit,” he said, adding that when President Anastasiades’ government took over in 2013 the economy was in deep recession and degraded but “we have managed to create a growth perspective.”

Excluded from the international markets since May 2011, Cyprus was given a €10 billion bailout in March 2013 with an adjustment period of three years. Cyprus’ economy recorded a positive growth rate for two quarters in a row in 2015, after it had shrank for 14 consecutive quarters.

Source: InCyprus

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