Although there will be many economic benefits from a Cyprus settlement, potential risks must be avoided by bringing financial structures and procedures into line with EU norms, Finance Minister Harris Georgiades said recently.
“Structures and procedures in the financial sector need to be right, effective and fully in line with what is applicable in the EU and the Eurozone, in order to avoid risks,” he said.
He said assessments by IMF and the World Bank of the banks in the north still had some way to go.
Georgiades emphasised the cost of no solution with the continuous occupation of half the country, the presence of Turkish occupation troops and the deprivation of people`s access to their properties.
He said a solution would bring with it benefits on a national level and open up financial opportunities and investment.
Source: Cyprus Mail
