Cyprus Mail
Cyprus

President says results will soon be seen on economy

By Stefanos Evripidou

THE CYPRUS economy needs “systematic work” and the results will soon be apparent, President Nicos Anastasiades said last night at an event to celebrate the ruling party DISY’s 37th anniversary.

On his return from Frankfurt yesterday, Anastasiades attended the DISY ‘birthday’ event in Nicosia, where he was asked about his meeting with President of the European Central Bank Mario Draghi.

He replied: “Perseverance and patience” were needed, adding that “the results will appear at the right time”.

“What had to be done has been done, and the meetings will continue,” he said, adding that in the meantime the Bank of Cyprus must overcome the problems it is facing under resolution.

Anastasiades pointed out that one of Cyprus’ achievements was the inclusion of a paragraph in the draft conclusions of the European Council calling for EU institutions to treat Cyprus in the same way they did Portugal, Spain and Greece, namely by providing additional assistance to countries undergoing a memorandum.

“This means an increase in the participation of co-funded projects on behalf of the EU, and the increase of financial assistance, not on the basis of the allocation made in the Multiannual Framework, but based on the savings from various funds,” he said.

The president highlighted that “what is needed is systematic work and this is being done. And the results will soon be apparent.”

Regarding the Bank of Cyprus, Anastasiades said the resolution authority is the Central Bank of Cyprus.

Asked if there could be any changes to the Emergency Liquidity Assistance (ELA) dumped on Bank of Cyprus following the winding down of Laiki Bank, Anastasiades said he did not wish to exclude or confirm anything.

The Democratic Rally (DISY) was founded on July 4, 1976, by Glafcos Clerides who went on to serve as President of Cyprus from 1993 to 2003.

Anastasiades took over the party’s leadership in 1997. In 2004, he sent shockwaves through the party as the only major party leader to campaign in favour of the UN’s Annan plan for the reunification of Cyprus.

Despite the expulsion of some MPs who disagreed with the ‘yes’ vote and others who left voluntarily, the party survived mainly intact going on to win 20 out of 56 seats in the 2011 parliamentary elections.

And while serving as DISY leader in the February 2013 election campaign, the 67-year-old was elected President of Cyprus.

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