‘Markets will trust Cyprus again’

‘Markets will trust Cyprus again’


By Kyriacos Kyriacou – Nicosia

The policies being followed justify the government, the country’s credibility overseas is being restored and soon the international markets will trust us again, said Cyprus President Nicos Anastasiades.

In a speech at an event of the ruling party Democratic Rally, Anastasiades said that measures are being implemented to achieve the relaunch of the economy, but more efforts are needed to make them yield.

Cyprus required a 10-billion-euro bailout from international lenders in March 2013 and is following a three-year economic adjustment programme.

Anastasiades said that his government would be happy to see the number of unemployed getting smaller and social groceries closing one by one.

“We are following policies that are justifying us”, the President said and referred to the positive assessments by the Troika lenders, the positive ratings from credit agencies, the agreement with the UK and the alliances and excellent relations the government is forming with leaders and countries.

Foreign support

Neither Germany’s assistance is incidental on issues of technical support, that is expected to exceed one billion euro, nor the fact that the French President will be in Cyprus in autumn while the Vice President of one of the most powerful countries in the world, USA, will be here after 25 years (arrives on Wednesday), he added.

President Anastasiades noted Europe has exhibited solidarity towards Cyprus and cited the economic assistance by the European Bank of Reconstruction and Development and the European Investment Bank. He pointed out that receiving an invitation by German Chancellor Angela Merkel, the US Vice President visiting your country or the French President, or the Pope, or anyone exhibiting interest, “this means restoring the credibility and dignity of a state which was on the brink of collapse”.

He also said that in the next weeks, “you will witness the trust of the international markets in another effort to strengthen the aims set and we will see the relaunch of the economy taking shape”.

President Anastasiades said measures are being taken but these do not show results the next day. “We will not rest until we see improvement”, he added.

US Vice President Joe Biden will visit Cyprus from 21-23 May.