Government welcomes Moody’s statement on Cyprus’ return to markets

The government has welcomed the positive statement of Moody’s credit rating agency on Cyprus’ return to the international financial markets.

Through this development “the Republic of Cyprus has managed to reduce liquidity risk and has improved debt repayment plan to a significant extent,” Deputy Government Spokesman Victoras Papadopoulos said Tuesday in a written statement.

“According to Moody’s these two objectives contribute significantly to the Government’s strategy to restore the economy’s credibility” he noted.

Cyprus’ exit to the international markets is attributed, according to the credit rating agency, to financial discipline and the achievement of better financial results than what was projected, which if continued could lead to the improvement of economic conditions in the country, he said.

Source: Famagusta Gazette