Today: March 22 2019
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German Finance Minister satisfied with the progress of reforms in Cyprus

German Finance Minister satisfied with the progress of reforms in Cyprus

Tags: Germany, the EU, Greece, Economy, Crisis

German Finance Minister Wolfgang Schaeuble in an interview with Der Spiegel spoke about his vision for the future of the economy of Cyprus, Greece and other European countries in the south, is currently experiencing a severe economic crisis and trying to cope with the steadily rising unemployment.

Talking about Cyprus, Schaeuble expressed udovoletvorenie pace of reforms and implementation of terms of the Memorandum of Understanding signed with the Government of Cyprus "Troika" evrokreditorov spring 2013 year.

Comparing the cases of Cyprus and Greece, Schaeuble said that the example of Cyprus can be used as a model for overcoming the crisis. "Haircut" deposits undertaken in March 2013, the program saving the Cypriot banking system was "shock therapy" and was a severe blow for the country. But, at the same time, it helped the Cyprus economy faster on the path of recovery.

With regard to Greece was made a different policy: in the past few years, "Troika" allocated country several tranches of financial assistance, but these tools are not able to prevent the collapse of the Greek economy, and despite the use of two stabilization programs, huge financial investments, had to produce a "haircut" deposits in Greek banks.

Nevertheless, the situation is still far from stabilizing, although the minister ruled out the use of another "haircut" in Greece. Currently, Greece will be applied to the third program to stabilize the economy before the elections to the European Parliament in May, while Cyprus "slowly but surely" moving towards stabilization of GDP growth, improving economic performance and in 2015 year begin tangible positive changes reducing unemployment and improving the economic climate.

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