November 26, 2022

South Cyprus could return to

the markets in 2015

Flag South CyprusSouth Cyprus could return to the markets earlier than originally thought, according to Finance Minister Harris Georgiades who said it was a fully feasible objective given the way things were progressing.

“If we manage to regain access to the markets it will mean we have won the wager and will stand on our feet again,” he said during an interview on private Sigma Television on Wednesday evening.

“The objective is fully feasible at the rate things are going and we have started looking at the scenario of South Cyprus returning to the markets earlier.”

South Cyprus was shut out of international markets in May 2011 because of its oversized banks’ exposure to the Greek economy, and the lack of action to close fiscal gaps.

EuroThe administration at the time sought an international bailout around two years later after burning through a €2.5 billion loan from Russia.

The island was granted a €10 billion bailout in March 2013 with an adjustment period of three years.

It did not expect to attempt a return to international markets before 2016…..

To read the complete article in CyprusMail – click here!

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