Our View: Government, opposition ignore Fiscal Council at their peril
One independent official that is largely ignored by the politicians and especially the government is the President of Fiscal Council, Demetris Georgiades, because he rarely...
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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...
Creditors likely to object to public sector pay cut reversal
The head of the fiscal council said on Wednesday he expected the finance ministry to prepare scenarios and ways to tackle the potential impact of...
Fiscal council warns against complacency
Staff reporter Cyprus must not get complacent despite improving public finances and the stabilisation of the banking sector, the Fiscal Council cautioned on Thursday. At a...
Fiscal watchdog says Co-op policies jeopardise public finances
By Stelios Orphanides The Fiscal Council said that while the island was losing on competitiveness, it was also risking returning to past practices which led...
Cabinet earmarks €20m to compensate Etyk members in major U-turn
Finance Minister Harris Georgiades said that taxpayers will have to pay additional €20m to compensate members of provident funds for their losses in the 2013...
Pesco deal could stress island’s economy
The Permanent Structured Cooperation (Pesco) defence framework to which 23 European Union member states, including Cyprus, committed to on Monday could spell trouble for the...
Fiscal Council member Zachariadis steps down
Marios Zachariadis has submitted his resignation from the Fiscal Council citing personal reasons, the fiscal watchdog said. The economist, who teaches at the University of...
Public education expensive and inefficient, fiscal watchdog says
In 2015, the Cypriot government spent 5.7 per cent of its economic output on education compared to 4.7 per cent of the euro area average...
Fiscal watchdog warns of macroeconomic imbalances
Cyprus’s Fiscal Council, an advisory body tasked with monitoring budget policies, said that the island’s economy continues to have significant imbalances threatening macroeconomic and fiscal...
Fiscal watchdog concerned about deal with nurses
The chairman of the Fiscal Council, which consults the government on budget matters, said that he was concerned about pressure on public finances caused by...
EU likely to ask for budget cuts next spring, fiscal council member says
A year after completing its adjustment programme, Cyprus could be asked to create a fiscal buffer after a combination of tax relief and spending hikes...
Our View: The government has become complacent and much less prudent
INDEPENDENT state officials, understandably, are trusted more by the public than politicians. This is because of their status – an independent state official, in contrast...
Georgiades says EU Commission budget criticism “absurd” (Update 1)
Finance minister Harris Georgiades said that the government does not share the European Commission’s position, stipulated in a letter sent to the minister that Cyprus...
EU fiscal rules necessary in post-solution Cyprus, Fiscal Council says
By Stelios Orphanides The reunification of Cyprus should ensure fiscal stability both at central government and constituent state level to avoid a new bailout, the...
Warning of new economic ‘crash and burn’
By Stelios Orphanides and George Psyllides OVERLY optimistic long-term budget forecasts could lead to a new bailout, the fiscal watchdog said on Wednesday, warning that...
Warning over pensions danger for retirees
A large number of provident funds and individual pension plans have been terminated as a result of the financial crisis of 2013, and further delay...
Cyta seen increasingly vulnerable to competition
By Stelios Orphanides State telecom Cyprus Telecommunications Authority (Cyta) is in a disadvantaged position to cope with increasing competition as the European environment becomes more...
Fiscal Council says more NPL action needed to limit future losses
The fiscal council said that Cyprus needs to take swift and decisive action to address the high ratio of non-performing loans in the banking system,...
Watchdog says negative fiscal dynamic, uncertainty likely again (Update)
(Adds more comment and background in sixth paragraph and corrects second paragraph) By Stelios Orphanides The fiscal council said that the government should be more...
