investmentGATEWAY

The two upgrades of the Cypriot economy today by the Rating Agencies Standard and Poor’s, and Fitch, are the best reward for the efforts undertaken by the Government and the society at large to face the repercussions of the unprecedented, for our country, economic crisis.

The upgrades by themselves do not signal the end of the crisis. However, taking into consideration the three successive positive evaluations by the Troika, the significant improvement in the yield of the ten-year Cypriot bond, which dropped from 14.6% in June 2012 to 5.6% today, as well as the laudatory commentaries by the international financial media, we can say that a secure foundation is being established for the prospects that are opening up for the Cypriot economy to return to rates of growth at the earliest possible.

The Government’s thoughts are with the vulnerable groups of the population, which experience the scarcity brought on by the economic crisis. The upgrades of the Cypriot economy are the most serious guarantee for a successful outcome in the arduous efforts that we are making to attract foreign investments that will create new jobs.

We are not yet in a position to say that we have overcome the problems; however, the upgrades are an affirmation of the fact that we are proceeding on the right track.

Given this opportunity, I want to reiterate that we will continue the implementation of the program, with the same tenacity and determination, in order to reconstruct the economy and reform the public sector, so that our country will never again have to face the same impasses like those of last year.

Once again, I would like to congratulate the people of Cyprus for the patience and maturity they demonstrate, and for the exemplary way with which they deal with the problems. I would also like to thank the political forces and the organised groups for their cooperation in the effort to achieve this great objective.