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Cyprus president sounds upbeat note after positive troika evaluation

English.news.cn   2013-08-03 05:43:27            

NICOSIA, Aug. 2 (Xinhua) -- Cypriot President Nicos Anastasiades sounded an upbeat note on Friday in his first public remarks following the first evaluation of the eastern Mediterranean island's economic adjustment program by international lenders.

Anastasiades said in a televised statement after briefing party leaders on the state of the economy that he was confident Cyprus will manage to overcome the economic crisis and return to growth.

"The positive appraisal by troika (European Commission, European Central Bank and International Monetary Fund) is the result not only of a consistent government policy on fiscal issues, but also of the mature stance displayed by all citizens, the social partners, parliament an political parties," he said.

Technocrats from the troika made a positive evaluation of fiscal and economic adjustment measures, opening the way for a second tranche of a bailout of 10 billion euros (13 billion U.S. dollars) agreed at the end of March.

"We have the stamina, the persistence and the patience to turn the crisis into an opportunity and we are determined to succeed," Anastasiades added.

He said he was feeling happy over the first evaluation by the troika, but he cautioned against slipping into an illusion that Cyprus has overcome either the crisis or its problems.

"By hard and systematic labor and by showing decisiveness we have shown our lenders that we are dependable partners and made a decisive step towards restoring the international credibility of out country", Anastasiades said.

He added that the exit of Bank of Cyprus from its resolution has put an end to a big uncertainly and this will lead to a gradual revitalization of the market and the service sector-the second biggest contributor to the island's economy after tourism.

The troika gave the go ahead for an end to Bank of Cyprus' resolution status, returning it to normal operation.

This will be greatly helped by an expressed intention by the European Central Bank to help Bank of Cyprus restore its liquidity, after recapitalizing to a 12 percent Tier 1 core capital level by using big depositors' money.

Bank of Cyprus recapitalized by turning 47.5 percent of deposits over 100,000 euros into bank stock, down from a 60 percent level estimated originally when the bank entered into resolution.

It said that it will proceed with an immediate restructure of its operations which will result in a 35 percent saving in expenses after 1,300 employees, or almost one quarter of its workforce offered on Friday to voluntarily retire prematurely.

Editor: Mu Xuequan
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