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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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Cyprus Internet Directory [ Stavrakis: public spats only damage investor confidence ]

Stavrakis: public spats only damage investor confidence

FIGURES for the period between January and September show an improvement in the public deficit by €37 million, Finance Minister Charilaos Stavrakis said yesterday.

Based in the ministry’s conservative forecasts “it appears there is a marginal improvement” of the public deficit for 2010 to just under 6.0 per cent, the minister told reporters.

According to the ministry’s figures, the deficit between January and September dropped to €394.14 million from €431.52 million in the same period last year.

The minister said the third quarter of the year has been very good as regards the growth rate, noting that with the rate for the second half forecasted to be 0.8 per cent it is expected that the economy in 2010 will expand by the same rate.

Stavrakis said the improvement in the third quarter was due to tourism, which chalked up a 4.9 per cent increase compared to minus one percent the previous year when it was affected by the ash cloud from the volcano eruption in Iceland.

The minister said his biggest concern was the spats between political parties over the economy, which ultimately hurt investors’ trust.

“The party confrontation which has stopped because of the summer (holidays) created a very good investor climate,” the minister said.

He said the public arguments affected investors and consumers, which in turn will affect the real economy as consumption makes up 70 per cent of the Cypriot economy.

“If suddenly there is polarization due to the (next year’s) elections, this would not help the economy,” the minister said.

He said that international ratings agency also monitored the discourse, part from the measures for the economy.

(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.

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