Lenders conclude Greek Cypriot mission

The Greek Cypriot administration required a 10-billion-euro bailout from lenders in March 2013.

Lenders conclude Greek Cypriot mission

World Bulletin / News DEsk

International lenders have successfully concluded a fourth review of the Greek Cypriot administration's bailed-out economy and anticipate a shallower recession in 2014 than initially expected, the island's finance minister said on Saturday.

"It was noted that progress was achieved in all sectors of the economy," Finance Minister Haris Georgiades told reporters. The Greek Cypriot administration required a 10-billion-euro bailout from lenders in March 2013 and is following a three-year economic adjustment programme.

International lenders, known as the troika, had adjusted their projections on the depth of the island's recession, now entering its fourth year. "It is anticipated at -4.2 percent from -4.8 percent," Georgiades said.

The Greek Cypriot administration has consistently outperformed lenders' expectations after a chaotic bailout yanked the island from the brink of bankruptcy in 2013. It involved closing a major loss-making bank and imposing losses on large depositors in a second to recapitalise it.

Güncelleme Tarihi: 17 Mayıs 2014, 12:01