Government responds to Moody’s announcement

The government said while it always takes credit rating agencies' announcements under advisement, it wished to point out that Moody's had projected a 12% recession in 2013, which proved much softer at 5.4%.

Government spokesperson Christodoulides was commenting on an announcement issued by Moody’s rating agency on Wednesday, which warned that public finances remained under threat in the medium-term due to mounting non-performing loans (NPLs).

Christodoulides signed off the statement by reconfirming the government’s focus on the effort toward full recovery of the Cyprus economy, in collaboration with “parliamentary parties, stakeholders and, above all, with public support.”

Source: Cyprus Mail

Cyprus Profile

articles | 08 August 2014