Cyprus adopted a series of austerity measures, similar to other eurozone periphery nations and is expected to return to the markets before the end of the bailout programme on March 31, 2016. 


The president, accepting the credentials of the new ambassador of Portugal, Joao Manuel Pina Perestrello Cavaco, said the economy is expected to improve this year and the next, noting that despite the positive results, “the government is fully aware of the challenges ahead and is taking measures that aim to reinvigorate the economy, boost investments and create jobs.” 


Measures have also been taken to support SMEs, tackle rising unemployment, support the tourism industry and promote social cohesion. 


Anastasiades added “the way forward is not easy, but I have absolute confidence that the spirit of unity and the drive to succeed already demonstrated by the people of Cyprus, will prevail.” 
He concluded that following the Troika’s third review mission to Cyprus, “which also acknowledged that Cyprus’ programme remains on track, our commitment is also recognised by the Eurogroup”.

The Portuguese ambassador said his government appreciated the fact that despite the economic challenges and widespread government budget cuts, the embassies in both countries have been restored to full diplomatic envoys.

Source: Financial Mirror