Cyprus has been able to recover but can do better, FinMin says

Cyprus has been able to recover but can do better, FinMin says

Cyprus has been able to recover and confidence has been restored, Finance Minister Harris Georgiades has said, noting at the same time that if an ambitious agenda of economic reform and positive change continues to be promoted, Cyprus can do better.

Addressing the 11th Economist Cyprus Summit entitled “Europe: On the mend? Cyprus: The metamorphosis?”, in Nicosia, on Tuesday, Georgiades said that “Cyprus has been able to recover. And confidence has been restored”.

A week ago, he added, “this was demonstrated by a successful issuance of a 10-year bond in the international capital markets.”

Georgiades noted “even through this was the best pricing Cyprus ever achieved on a 10-year bond, we must and we can make it even better.”

“And if we agree on this, then we should also agree that this will only happen if we continue promoting an ambitious agenda of economic reform and positive change”, he pointed out. If, he added, “we maintain fiscal discipline; if we continue reforming and improving our banking sector.”

The Cypriot minister continued to say that when it comes to economic performance, “surpassing all expectations, we are expecting growth this year somewhere around 1.5%, which is more or less the Eurozone average.”

But here also, Georgiades added, “I would not be satisfied”, stressing that: “We can do even better.”

“Cyprus can do better”, he said, adding that in fact he believes “that Cyprus has the potential and the capacity to achieve sustainable and healthy growth rates in a long-term horizon.”

But yet again, he explained, “for this to happen we must unleash the productive potential of our economy, with less bureaucracy, more efficiency and renewed competitiveness.”

According to Georgiades “we have seen the worst of the crisis, we shall be completing the support programme early next year, and we shall not be requesting an extension of the programme or a conditional credit line.”

He thanked Cyprus` partners in the Eurozone and the institutions for their support, pointing out however that “we are ready to take it from here.”

At the same time, he pledged that “we shall maintain the effort with a renewed momentum and renewed confidence.”

“We already have a number of reform bills pending before the House and we shall be keeping everyone busy even after the Troika leaves”, he said.

Georgiades noted that “we shall continue to demonstrate a willingness to cooperate and to find agreeable solutions, but we shall be standing firm against those who simply oppose any step forward.”

“We shall never allow a return to those failed policies, practices and attitudes which are responsible for the derailing of our economy in the first place,” he concluded.