20 February 2014 11:45

 Cyprus is on the road to a "new economic miracle" following a near meltdown last year that was prevented by a €10 billion international bailout, President Anastasiades said yesterday.
"It seems that Cyprus is on the road to a new economic miracle, and this has not escaped the attention and appreciation of international creditors or the international press," the president said.
Even a harshly critical German financial press has changed its tune over Cyprus, he said, after some claimed the island's banks had been laundering dirty Russian money.
"After many negative reports in recent months, the German press is now obliged to praise Cyprus' effort to advance the necessary reforms. They report that Cyprus has now fully achieved its objectives from the beginning of the programme.”
The Troika agrees the country's economic restructuring programme is on track, with fiscal targets for 2013 performing better than expected.
The recession-hit economy contracted 5.3% in 2013, a lot less than the 8.7% projected at the time of the bailout.
The Troika sees GDP declining another 4.8% this year before posting 1% growth in 2015.
The last Cypriot economic "miracle" was during the boom years of the 1980s when the country overcame the devastating effects of the 1974 Turkish invasion.


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