OOEEVV:: SSuucccceessss dduuee ttoo ssaaccrriiffiiccee ooff bbuussiinneesssseess aanndd hhoouusseehhoollddss
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.