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 organized groups for their
cooperation in the effort to achieve this great objective.
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