OOEEVV:: SSu­uc­c­c­ceessss ddu­uee ttoo ssaac­cr­ri­if­fi­ic­cee ooff bbu­us­si­in­neesssseess aan­ndd hhoou­ussee­hhoollddss

Financial Mirror (Cyprus) - - FRONT PAGE -

The Em­ploy­ers and In­dus­tri­al­ists Fed­er­a­tion (OEV) said that the suc­cess­ful out­come of the stress tests un­der ad­verse con­di­tions “is un­doubt­edly the re­sult of se­ri­ous and me­thodic work by the man­age­ment, ad­min­is­tra­tion and staff at the re­spec­tive banks, as well as the proper co­op­er­a­tion with the su­per­vi­sory au­thor­i­ties.”

“How­ever, it is also the re­sult of the ef­fort and un­prece­dented sac­ri­fices and losses suf­fered by Cypriot busi­nesses and house­holds, all those who com­prise the real econ­omy and who are un­fairly pay­ing the cost of the bank­ing tragedy,” it said.

OEV said that “from the be­gin­ning of this enor­mous ad­ven­ture we have em­pha­sized the need to support the bank­ing sys­tem, de­spite the un­der­min­ing and short­falls by oth­ers that risked the vi­a­bil­ity of the banks. We came to support what­ever de­ci­sions needed that were painful in the short term to all busi­nesses, but are prov­ing nec­es­sary for the long term sur­vival of the econ­omy.”

The con­clu­sion of the stress tests and their su­per­vi­sion by a sin­gle bank su­per­vi­sory mech­a­nism com­pletes the first stage of this big cy­cle of the road map to­wards restor­ing sta­bil­ity in the Cyprus econ­omy, OEV said. It con­cluded that the re­turn to con­di­tions of de­vel­op­ment and the con­tin­ued un­em­ploy­ment de­mand the re­duc­tion of in­ter­est rates so that the non­per­form­ing loans can reach man­age­able lev­els and the re­fi­nanc­ing of the econ­omy re­sumes on a healthy level.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.