Cyprus Tackling Economic Crises Successfully

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 30, 2012 -- The financial crisis facing the Cypriot economy is being tackled successfully so far, Finance Minister Kikis Kazamias has said.

Addressing a ceremony in Athens to award prizes to Cypriot expatriates who have excelled in secondary schools and those who secured a place in Greek universities, Kazamias said that so far the situation is being tackled successfully in a climate of political consensus and social participation.

The Minister expressed hope that this will continue in 2012, so that the economy will make small progress by the end of the year.

Referring to the causes of the financial crisis in Cyprus, as a result of the global financial crisis, Kazamias recalled the distortions in the economy, structural weaknesses as well as last July’s massive explosion at a naval base on the island which crippled the main power station, resulting in regular power cuts.

The crisis, he added, forced the Republic of Cyprus to address the distortions in the economy, which everyone acknowledged existed but no government dared address them or promote structural changes.CNA
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