Cyprus Mail

Georgiades says recovery sustainable, still facing risks

Harris Georgiades: The statements recognise the significant progress, which has been achieved in our country in recent years

Finance minister Harris Georgiades warned that economic recovery is at risk as Cyprus has not completely healed the wounds of the 2013 financial crisis, with unemployment, bad debts and government debt remaining at high levels.

“My basic concern is related to the risk of being once again led on the road of irresponsibility, carried away by populism and emotions,” the finance minister told delegates at the Nicosia Economic Congress on Tuesday. “Irresponsible populism may risk everything achieved through sacrifices”.

The finance minister said that the banking system has stabilised and is “to a large extent consolidated even as important challenges remain,” while depositor confidence increased, allowing the lifting of capital controls two years ago and the full repayment of emergency liquidity by the Bank of Cyprus with interest rates at record lows.

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