Greek Cyprus observes positive trend in economy after EU Greek
Baku, November 27 (AZERTAC). Cyprus President Nicos Anastasiades said on Nov. 25 the economy was showing a positive trend after an EU bailout as it faced “huge challenges” ahead in boosting foreign investment and youth employment.
Greek Cyprus earlier this month passed its second evaluation from a troika of international lenders in order to receive its next tranche of a 10-billion-euro ($13-billion) rescue package to bail out its troubled economy.
The Greek Cypriot president said future steps would be aimed at boosting foreign investment and addressing the island`s soaring youth unemployment, but he offered few details.
Delegates at the conference organized by Britain`s The Economist magazine also paid tribute to the tough measures adopted by Greek Cypriot officials.
“Greek Cypriot authorities have demonstrated strong resolve to take very difficult but necessary decisions,” said Delia Velculescu, an official in the IMF`s European department.
But he compared the crisis - in which the Greek Cyprus banks were heavily invested in risky Greek holdings -- to the ancient Greek myth of Icarus, who flew too close to the sun before plunging into the sea.
Verwey said the troika loans could “cushion the impact of this hard landing” but they were no substitute for further structural adjustment.
Greek Cyprus, which is treading a painful road to recovery from near economic meltdown earlier this year, is hoping to commercially export its gas, and maybe oil, by 2020.
Securing deals for blocks 5 and 6 would complete a second round of licensing and pave the way for a third to auction off the remaining blocks.
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