Arab Today, arab today cyprus wont need full eu bailout package
Last Updated : GMT 04:05:52
Arab Today, arab today
Arab Today, arab today

Cyprus won't need full EU bailout package

Arab Today, arab today

Arab Today, arab today Cyprus won't need full EU bailout package

Cyprus' Minister of Finance Harris Georgiades
Nicosia - AFP

Cyprus will not need all of the 10-billion-euro bailout it received in 2013 as its economy recovers faster than expected, the country's finance minister told AFP.
"(The economy) is much better, but I'm not saying that it is good," Harris Georgiades said ahead of the second anniversary of the "unprecedented crisis" that shook the eurozone and left the Mediterranean island teetering on the brink of bankruptcy.
"The economy is recovering. We are still on a negative growth rate but each quarter is seeing an improvement," he told AFP.
Georgiades predicted a return to "very mild" growth this year.
In March 2013, Cyprus clinched a 10-billion-euro ($13 billion at the time) loan from the European Union and International Monetary Fund to bail out its troubled economy and oversized banking system.
Fearing a run, the government closed all the country's banks for nearly two weeks and imposed draconian capital controls when they reopened. Some restrictions remain.
Georgiades said Cyprus had made "significant progress" since the crisis.
"Unemployment is starting to come down, public finances are under control... and crucially our banking sector has been stabilised," he said.
"We do not have a deficit, which is an achievement as many other EU member states are still struggling to bring their deficit under control."
Due to the favourable economic climate, the minister said his country would not need the full bailout amount it was initially offered.
"We do not expect our banks for instance to need any new capital, through state money," Georgiades said. "Some of the 10 billion which was, let's say, reserved for this purpose -- buffered for this purpose -- will not be needed."
Cyprus has to date received "just over six billion" euros, he added.
Austerity measures since the crisis led to tax hikes, salary cuts and a slashing of social welfare benefits.
Georgiades said he hoped parliament would vote "over the next weeks" for a foreclosure bill to allow repayment of the latest tranche of bailout money.
He also promised Cyprus would "continue the same policy" towards long-term recovery by focusing on structural reform, including in areas such as privatisation and reducing bureaucracy.
"There is still work which needs to be done before we can safely say that we're back on viable and sustainable growth," the minister said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus wont need full eu bailout package Arab Today, arab today cyprus wont need full eu bailout package

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus wont need full eu bailout package Arab Today, arab today cyprus wont need full eu bailout package

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday