IT

Halfway saved

Back    Forward

A different type of bailout : only €10bn of the €17bn needed. The island’s future includes the gas fields off its southern shores and there has been talk of reunification between the Turkish north and Greek south. But everything hinges on relations between Ankara and the EU. The latest warning signal came in June, when Fitch downgraded Cyprus’s local currency from ‘B’ to ‘B- with negative outlook’. According to the global credit ratings agency, the downgrade “reflects the elevated uncertainty around the outlook” of the Mediterranean country’s economy. The same doubts had been expressed two weeks earlier by the International Monetary Fund (IMF), in a report that predicted a deep recession in Cyprus in coming years “substantial risks still loom for the Cypriot economy”. If you want to read it all, purchase the entire issue in pdf for just three euro

Continue reading this article and all other Eastwest and eastwest.eu content.

Subscribe for 1 year and gain unlimited access to all content on eastwest.eu plus both the digital and the hard copy of the geopolitical magazine for € 45, or gain 1 year of unlimited access to only the website and digital magazine for € 20

Subscribe



GUALA