Insider Business FinMin says agencies’ reports in line with the Government’s estimates 

FinMin says agencies’ reports in line with the Government’s estimates 


Finance Minister Harris Georgiades said on Thursday that the latest reports of credit rating agencies about Cyprus were in line with the Government’s estimates.

“The findings of the credit rating agencies are in line with the government’s estimates that the recent decisions regarding the banking sector, however difficult they may have been, will have a positive impact on the course of the Cypriot economy, and that the increase of public debt is manageable – as the rating agencies suggest, while the positive outlook that results from the consolidation of the banking system and the safeguarding of stability and trust will be even more important,” Georgiades said.

On June 25 the government agreed with Hellenic Bank over the transfer of assets amounting to €10.3 billion euro and deposits of €9.7 of the CCB, nationalised since 2014. The transfer was assisted by the government which issued government bonds amounting to €3.19 billion to bolster the CCB’s assets. The sale was also accompanied by an asset protection scheme offered by the CCB to Hellenic, guaranteed by the government.

The Government has made a step in the right direction, said Georgiades on the side-lines of a meeting he had today with the Council on Economy and Competitiveness.

The Council was set up last month based on a Cabinet’s decision.

The Minister noted that following the economy’s exit from recession and its return to growth, “the country`s economic policy should now focus on moves aimed at expanding the productive base, strengthening the international competitiveness of the Cypriot economy.”

The Ministry of Finance and the Government expect that the Council will play a decisive role to that end, said Georgiades.

“The new Council is very important for the economy as competitiveness determines the future of a country`s economy,” Takis Clerides, Former Minister of Finance and chairman of the Council pointed out.

He stressed that the Council is an advisory body that will make practical suggestions and will deliver its findings and its interim reports to the Minister of Finance.

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