“No impact on Cyprus from international market crisis”

“No impact on Cyprus from international market crisis”

Nicosia, August 26, 2015/Independent Balkan News Agency

By Kyriacos Kyriacou

Developments in international markets, after the China market crash, have no negative impact on Cyprus, Minister of Finance Harris Georgiades has said but did not rule out the possibility of having some benefits relating to state bonds.

In statements following today`s Cabinet meeting and replying to a question about the situation in the international stock markets,  Georgiades said that “of course we monitor developments in international markets, there is no negative impact on Cyprus.”

“There is no immediate cause for concern. The Cyprus Stock Exchange is a very small stock market, without depth and without the participation of international companies” he said. “A possible impact on state bonds may be a positive one”, he noted.

The Minister said that “when there is instability on stock markets internationally, government bonds option is considered a safe one, a safe shelter for international investors.”

“As government bonds are considered a more attractive option in case of instability and uncertainty in the stock markets, it is possible to have some benefit. We monitor the situation and our hope and wish is to see this period of instability ending for greater economic stability”, he added.