Friday November 28, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus on the road to ‘new economic miracle’

Cyprus is on the road to a “new economic miracle” following a near meltdown last year that was prevented by a 10-billion-euro international bailout, President Nicos Anastasiades said on Wednesday.

“It seems that Cyprus is on the road to a new economic miracle, and this has not escaped the attention and appreciation of international creditors or the international press,” the president said during an exports award ceremony.

Even a harshly critical German financial press has changed its tune over Cyprus, he said, after some claimed the Mediterranean island’s banks had been laundering dirty Russian money.

“After many negative reports in recent months, the German press is now obliged to praise Cyprus’s effort to advance the necessary reforms. They report that Cyprus has now fully achieved its objectives from the beginning of the program,” said Anastasiades.

He said the latest evaluation of the economy by the troika foresees a primary deficit this year of 277 million euros, or 1.8 percent of GDP, a figure significantly lower than the 483 million euros previously forecast.

At the same time, they said the recession-hit economy contracted 5.3 percent in 2013, a lot less than the 8.7 percent projected at the time of the bailout.

The last Cypriot economic “miracle” was during the boom years of the 1980s, when the country overcame the devastating effects of the 1974 Turkish invasion.

[AFP]

ekathimerini.com , Wednesday February 19, 2014 (20:53)  
PPC profits power up in Jan-Sept
Papastratos banking on exports
Saudi group Olayan to enter Costa Navarino
Bank-financed property transactions rise a notch
Seven PASOK MPs voice support for party leader
Seven PASOK MPs on Thursday publicly backed Deputy Prime Minister Evangelos Venizelos and his plans for the party to play a leading role in a broader center-left alliance after ex-leader Geo...
New law could transfer control of unused buildings
Municipalities and private companies may soon get a chance to take over abandoned or empty buildings if a new bill drafted by the Environment Ministry is voted through Parliament. According ...
Inside News
SOCCER
PAOK is one win from Europa League´s last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
BASKETBALL
First defeat for Olympiakos in Euroleague
Olympiakos suffered its first Euroleague loss of the season going down 89-70 at Laboral Kutxa on Thursday, although the Greek team remains the favorite to clinch the top spot in its pool. Th...
Inside Sports
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
COMMENTARY
Scraping together the 180 MPs will not be enough
Even if the coalition government was to scrape together the 180-MP majority it needs to elect a new President in the 300-seat House, skeptics say, what will change really? There is one evide...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PAOK is one win from Europa League´s last 32
2. First defeat for Olympiakos in Euroleague
3. PPC profits power up in Jan-Sept
4. Papastratos banking on exports
5. Saudi group Olayan to enter Costa Navarino
6. Bank-financed property transactions rise a notch
more news
Today
This Week
1. Greece paralyzed by major strike, flights cancelled
2. Greek diplomat dies in fall under Thai train
3. Greece scrambles to find food, shelter for 700 migrants on crippled ship
4. Chief suspect in Piraeus bar shooting arrested
5. Scraping together the 180 MPs will not be enough
6. Troika talks to continue after failure to wrap up negotiations in Paris
Today
This Week
1. Give Greece a chance
2. Scientists expand excavation of ancient Amphipolis
3. Extremism from a bygone era
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Cosco’s Greek unit adds multinational rail-freight client
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.