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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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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory
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Stavrakis cautiously confident about prospects of Cyprus economy
]
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Stavrakis cautiously confident about prospects of Cyprus economy
Stavrakis cautiously confident about prospects of Cyprus economy
December 10, 2008
Cypriot Finance Minister Charilaos Stavrakis said he is cautiously confident about the prospects of the economy in 2009, as the global financial crisis continues.
“The Cypriot economy, as an open economy, will inevitably be affected from the slowdown in the global economy but we remain cautiously confident that we will do much better than the rest of the EU,'' Stavrakis told a gathering hosted by the Cyprus Union of Bank Employees (ETYK).
The Minister recalled that 2008 will close with a 1% fiscal surplus and an 11% reduction in the public debt, namely from 60 to 49%, which, as he added, corresponds to savings amounting to two billion euro.
''This is a very valuable fiscal weapon which might be utilised to support any bank or other sector of the economy which faces any problems,'' he said.
He described as ''academic'' the discussions regarding the projected growth rate of Cyprus' economy in 2009 which ranges from 3% to 1.5%.
''This is not so important because whatever the forecast growth rate, the remedy is the same, that is, a fiscal expansionist policy which will strengthen the economy,'' he added, recalling that the 2009 budget provides for increased government spending especially in the construction sector, which is considered as one of the driving forces of the Cypriot economy
''If the rest of Europe presents a 1% growth rate, which will mean that the economic crisis will be weaker than initially expected, we will easily reach 3% growth rate. If however Europe's growth rate declines to 0% as many predict, then it is highly likely our growth rate will be much less that 2 or 2.5%,'' Stavrakis said.
''Our goal is to maintain the margin between the performance of the Cypriot economy and the rest of Europe,'' he concluded.
(Source: Financial Mirror, http://www.financialmirror.com/News/Cyprus_and_World_News/13059)
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