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Cyprus News Agency: News in English, 11-09-13

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] CB GOVERNOR CYPRUS ECONOMY

  • [01] CB GOVERNOR CYPRUS ECONOMY

    Central Bank Governor Athanasios Orphanides, has described as very encouraging the efforts of Minister of Finance Kikis Kazamias, to put in order the islands finances.

    Orphanides said it is imperative for all those involved, including political parties and social partners, to help towards this effort.

    In a speech at the Bank of Cyprus, Orphanides said that despite Cyprus maintaining a healthy fiscal position in the onset of the global recession, its public finances have since worsened rapidly, trapping it to the eurozone financial crisis.

    Following the fiscal deterioration, the Cyprus governments credibility in the first six months of 2011 broke down and the state bonds credibility questioned, said Orphanides.

    The continuing downward trend and worsening of public finances in the eurozone, poses an extreme danger about the stoutness of our economy, especially as far as the financial services is concerned, where trust is a fundamental precondition. It is essential, he added, that this trend is averted the soonest possible.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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