Edg­ing out of re­ces­sion, Di­js­sel­bloem sees “good news” for Cyprus

Financial Mirror (Cyprus) - - FRONT PAGE -

Cyprus Fi­nance Min­is­ter Har­ris Ge­or­giades told his col­leagues at the Eu­rogroup meet­ing of Eu­ro­zone fi­nance min­is­ters in Riga on Fri­day that the is­land was “edg­ing out of re­ces­sion,” while the group’s Chair­man Jeroen Di­js­sel­bloem said there was was “god news” on Cyprus.

In a mes­sage on twit­ter Ge­orghi­ades said: “My mes­sage at Eu­rogroup: Cyprus edg­ing out of re­ces­sion, with pro-re­form, pro-mar­ket agenda & growth-friendly fis­cal con­sol­i­da­tion”.

He also is­sued a brief state­ment say­ing that “we are lead­ing the Cypriot econ­omy out of re­ces­sion by pro­mot­ing re­forms and con­sol­i­dat­ing public fi­nances”.

Ge­or­giades added that “we are mak­ing any new tax mea­sures un­nec­es­sary and we are re­gain­ing mar­ket con­fi­dence, thus cre­at­ing prospects for in­vest­ment and con­clu­sion of the Cypriot (ad­just­ment) pro­gramme”.

“This is the mes­sage that I con­veyed to­day to Eu­rogroup. We re­main com­mit­ted to this pol­icy”, he con­cluded.

Di­js­sel­bloem said that the Eu­rogroup meet­ing had a full agenda, and that “all eyes are on Greece. I un­der­stand that there have been re­cently some pos­i­tive signs, but there are still wide dif­fer­ences to cover and to bridge on sub­stance.”

Mov­ing on, he said that “e were in­formed that on 17 April the Cypriot par­lia­ment leg­is­lated to es­tab­lish an in­sol­vency frame­work and that will also make an end to the sus­pen­sion of the fore­clo­sure frame­work, which if I am in­formed cor­rectly is com­ing to place on 6 May. This frame­work is needed to re­store com­pli­ance with the prior ac­tions of the fifth re­view. We there­fore wel­comed this im­por­tant step bring­ing the pro­gramme back on track, which will al­low the in­sti­tu­tions to re­turn to Ni­cosia to carry out the next re­view.”

“An­other im­por­tant devel­op­ment is that Cyprus lifted the last re­main­ing cap­i­tal con­trols on April 6th. Free cir­cu­la­tion of cap­i­tal has thus now been re­stored,” Di­js­sel­bloem con­cluded.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.