Orphanides: Cyprus facing ‘unprecedented’ challenges

Outgoing Cyprus Central Bank Governor Athanasios Orphanides said the Eastern Mediterranean island country is facing ?unprecedented? economic challenges.

It is imperative that structural reforms needed to improve the country?s public finances should be ?strengthened and intensified,? Orphanides, whose term as Cyprus central bank governor ended on Wednesday, said in a speech in Nicosia.

Orphanides said he is ?confident? that Cypriot banks will ?successfully? implement the measures needed to boost their capital that was depleted following a write-down on their holdings of Greek government debt.