Cyprus on the path to economic recovery

Finance Minister Harris Georgiades has insisted that the government had taken “difficult but necessary decisions for reforming the economy, fixing the banking sector and consolidating public finances.”

Speaking in London, he said “results will not be coming as quickly as we would have liked, but already unemployment is lower, the recession has run its course and we expect to be back on growth as of next year, while our banks, which were severely shaken, have passed through successfully the European-wide comprehensive assessment.”

His comments come as technocrats representing Cyprus' international lenders started a weeklong review of the island's progress in implementing the bailout economic adjustment program.

“We are on the right track, the track of recovery. We still have some way to go, but if we remain committed and serious I am totally convinced that we will make it,” Georgiades added.

Source: Famagusta Gazette