Cred­i­bil­ity of state and banks re­stored

Financial Mirror (Cyprus) - - FRONT PAGE -

The gov­ern­ment is com­mit­ted to ad­dress­ing the prob­lems so­ci­ety is fac­ing, Pres­i­dent Ni­cos Anas­tasi­ades said on Fri­day, adding that un­der his ad­min­is­tra­tion, the cred­i­bil­ity of the banks and the state it­self has been re­stored.

Ad­dress­ing a meet­ing with lo­cal author­i­ties in Li­mas­sol, where he an­nounced new projects worth EUR 147 mln, the Pres­i­dent re­ferred to the dif­fi­cul­ties faced when he took over, point­ing out that the de­ci­sions taken by the Eurogroup and the coun­try’s part­ners did not al­low him to an­nounce any projects which his gov­ern­ment would not be able to im­ple­ment.

Anas­tasi­ades said that dur­ing the 26 months of his gov­er­nance, there has been con­sis­tent im­ple­men­ta­tion of the credit con­di­tions laid out by Cyprus’ in­ter­na­tional lenders, which re­sulted in achiev­ing what the most op­ti­mistic cir­cles did not even ex­pect.

He added that 22 con­sec­u­tive down­grades were fol­lowed by eight up­grades so far and pos­i­tive re­views in all seven assess­ments by in­ter­na­tional lenders. Fur­ther­more, he added, “we have man­aged to re­turn to the mar­kets, in the hope for more favourable terms next time we re­turn to the mar­kets in the fu­ture.”

How­ever, the Pres­i­dent said, there are still se­ri­ous prob­lems among the vul­ner­a­ble groups and the un­em­ployed, point­ing out that his gov­ern­ment is mak­ing con­tin­u­ous ef­forts to at­tract for­eign in­vest­ment that will lead to growth and de­vel­op­ment.

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