Anastasiades: ‘Cyprus’ credibility has been restored’

Anastasiades: ‘Cyprus’ credibility has been restored’

Nicosia, March 10, 2015/ Independent Balkan News Agency

By Kyriacos Kyriacou

Cypriot President Nicos Anastasiades concluded on Tuesday his official visit to Bahrain where he met with King Hamad bin Isa Al Khalifa, with whom he held official talks.

According to an official press release, during the visit bilateral agreements and memoranda of Understanding between the Republic of Cyprus and Bahrain were signed. President Anastasiades returns to Cyprus today.

During a reception in Bahrain, Anastasiades said that Cyprus` credibility has already been restored and a lot has been achieved following the bailout agreement.

He added that gradually we are recovering from the economic crisis, adding that since we entered an agreement with the Troika (EC, IMF, ECB) we have achieved more than the most optimists had expected.

In his statements the President said that the Cyprus banks have been recapitalized, the rating agencies have upgraded our economy, the international lenders have given four positive assessments as regard the progress of the Cyprus rescue programme and a fifth review will follow, hopefully soon.

Referring to unemployment in Cyprus, the President said that the rates are declining. He added that a lot of citizens are still in need and are faced with a lot of problems, but hopefully these problem will be resolved gradually, as miracles don`t happen from one day to the other, as he said.

Cyprus needed a 10 billion euro bailout from the euro zone and others in 2013. The aid pulled the island from the brink of bankruptcy, following heavy losses at its banks after a Greek debt restructuring.

Referring to the meeting he had earlier with Bahrain King, the President said that they had a very constructive talk with very important results, pointing out that Bahrain, for the first time since the establishment of the Cyprus Republic, has decided to appoint an Ambassador to Cyprus, as Saudi Arabia has done recently.