The negative impact of the banking crisis on the island’s image abroad and its effects are to be published this week as part of a unique study the Open University of Cyprus and the Advanced Media Institute.
According to the Cyprus News Agency, a systematic analysis was made of 1,716 news items on four top media outlets – BBC, CNN, FOX and Al Jazeera – over a period of two years beginning in March 2013.
It showed that the banking sector at the height of the crisis in March 2013 changed from source of strength for the international image of the island, to the opposite. In the past two years, it has also been difficult to repair that image of the island, the survey found.
Associate Professor at the Open University of Cyprus and head of Advanced Media Institute Sofia Iordanidou, speaking to CNA, said it was important for the banking sector as a whole to regain its good name to avoid tainting the image of other sectors.
Positive news items regarding tourism, culture and sports for instance were counterbalancing the image still lingering about the financial sector but these were not enough yet to overcome the negativity.
“The international image of a country is a major economic value,” said Iordanidou. “The positive or negative character of the image has enormous economic consequences.”
The survey results will be presented Thursday at a conference which will also look at how the negative image of the banking sector could be reversed and how secondary sectors could be boosted in a positive way. Speakers will include the government spokesman, banking and tourism officials among others.
The presentation of results will take place at the Bank of Cyprus headquarters in Nicosia at 4.30pm on Thursday.