The Economics Research Department of the Hellenic Bank also believes that the economy is on a path back to growth and points out that for 2014 real output will shrink at a rate lower than initially projected.

However, in the bank’s review for the third quarter of 2014 it is stated that the delayed implementation of the structural reforms under the Memorandum of Understanding, the discussions on abandoning the Memorandum before the completion of the Economic Adjustment Programme and the negative outlook of the Russian economy may jeopardise the Cypriot economy’s efforts to end the recession within 2015.

Source: Famagusta Gazette