MPs ignore warnings, freeze foreclosures (updated)
Parliament on Friday voted to temporarily suspend foreclosures on properties that could be eligible for inclusion in a state borrower relief scheme but also changed
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Economy settling into ‘growth phase’ Hellenic says
Cyprus’ ‘recovery phase’ has passed and the economy is settling into its ‘growth phase’, Hellenic Bank’s Economic Research Department said on Tuesday. In its Economic
Sustained reform key to mitigating Cyprus’ economic risks, ESM warns
Cyprus regained an investment grade rating in 2018 thanks to strong economic growth, a prudent fiscal policy, and a more resilient financial sector, and the
Reform, reform, reform, Fiscal Council says
By Gregoris Savva Cyprus needs to implement reforms, boost competitiveness and maintain fiscal surpluses, President of the Fiscal Council Demetris Georgiades said on Thursday. External
Central bank governor says money laundering fight should not delay honest transactions
Cypriot banks must develop a culture of prevention and not reaction when it comes to economic uncertainties, Central Bank governor Constantinos Herododou said on Wednesday.
Brussels sees delays on key reforms in Cyprus
The Cyprus economy will continue to grow, fiscal performance is solid, but external headwinds are increasing and significant domestic vulnerabilities remain, while key reforms, including
Civil servants being ‘pushed to sue’ en masse over pay cuts, Georgiades says
Various law firms are soliciting civil servants, encouraging them to file class-action lawsuits against the state over the latter’s refusal to reimburse them for pay
Turkish Cypriot ‘PM’ pledges new direction over Cyprus problem
New Turkish Cypriot ‘prime minister’ Ersin Tatar has said he would soon be taking new steps regarding the Cyprus problem and the economy, Turkish Cypriot
ESM’s chief economist calls for Cypriot prudence as external risks loom
By Gregois Savva Rolf Strauch, the European Stability Mechanism’s (ESM) chief economist called for the continuation of prudent economic policies and keeping fiscal buffers as
Bad debts will fall to single digits, finance minister predicts
The government aims to reduce bad debts to single digits, Finance Minister Harris Georgiades said on Wednesday, as the cabinet approved the strategic fiscal policy
Anastasiades: difficult decisions have produced stronger economy
President Nicos Anastasiades said on Tuesday the government will continue to responsibly promote the necessary reforms to the economy that will aid all people. Speaking
European Commission sees economic growth staying strong
Cyprus’ economic growth is expected to remain strong, driven by domestic demand, but downside risks are on the rise, according to the European Commission’s Spring
Cyprus aims to maintain high surpluses and put debt on downward path
Cyprus aims at maintaining high primary surpluses and use windfall gains to reduce its high public debt or boost its cash buffers, thereby placing its
Economy improving but difficult decisions remain says minister
The government aims to bring public debt below 90 per cent by the end of 2020 and reduce non-performing loans (NPLs) to single digits, Finance
IMF welcomes economic progress but tags on risk-warning
The IMF said Thursday it expected Cyprus to maintain the capacity to repay its debt but warned that this could change under certain circumstances, including
‘International lenders review confirms government’s orientation’
Remarks made in the sixth Post Programme Surveillance Mission (PPS) made to Cyprus this week by the international lenders that the island needs to continue
Moody’s upgrades Bank of Cyprus’ and Hellenic Bank’s deposit ratings
Moody’s Investors Service on Thursday said it had upgraded Bank of Cyprus and Hellenic Bank long-term deposit ratings to B3 from Caa1, and their long-term
Urgent need to reform Cyprus tax policy
By Les Manison A former finance ministry advisor writes an open letter to Finance Minister Harris Georgiades on the need to reform tax collection and
How viable is the euro based on its current architecture?
By Erol Riza The early members of the Eurozone celebrated the establishment of the euro as the single currency for the eligible EU members states,
Economy set to grow around over 3 per cent a year by 2021, CBC says
The government will continue to strengthen and deepen the current positive economic growth spokesman Prodromos Prodromou said on Saturday, after the Central Bank of Cyprus