Christine Lagarde and Olli Rehn
Christine Lagarde and Olli Rehn
Statement on Cyprus by Olli Rehn, European Commission Vice-President and Christine Lagarde, Managing Director of the International Monetary Fund.
The Cypriot authorities have put forward a multi-annual reform programme to address the economic challenges facing the country. Its goals are to stabilize the financial system and achieve fiscal sustainability in order to lay the foundations for a recovery of economic activity and the growth potential that will preserve the longer-term prosperity of the population.
The programme builds on important steps already taken by Cyprus to address the problems in the two largest banks and includes a set of measures aimed at ensuring a stable, sustainable and transparent financial sector.
While the Cypriot government has already adopted important fiscal consolidation measures, the programme entails a well-paced fiscal adjustment that balances short-run cyclical concerns and long-run sustainability objectives, while protecting vulnerable groups. The social welfare system will be reviewed with the view to ensuring sustainability and social fairness.
The programme puts forward comprehensive structural reforms to set the conditions for growth and job creation.
Significant challenges lie ahead for Cyprus. The European Commission and the International Monetary Fund stand by Cyprus and the Cypriot people in helping to restore financial stability, fiscal sustainability and growth to the country and its people.
Press Release No. 13/102, April 3, 2013
With world-class universities, a vibrant startup ecosystem and renewed strategic investment, the United Kingdom has…
In the late 1990s, Apple was teetering on the brink of collapse. A decade later,…
Vaping is big business, and few companies have seen the spectacular growth — and subsequent…
Portobello Capital has cemented its position as the leading mid-market private equity firm in Spain,…
Gold is the age-old standard that once underpinned our modern currencies; what value does it…
Mission to Close the Protection Gap Headquartered in Hong Kong, Peak Reinsurance Company Limited (“Peak…