Earlier this week Anastasiades and Finance Minister Harris Georgiades announced Cyprus’ exit from the economic adjustment programme, which was approved by a Eurogroup meeting in Brussels.

In an interview at the Presidential Palace, he said that the strict conditionality of the bailout package meant that necessary reforms to the banking sector, fiscal policy and state-run enterprises were made, rather than being blocked in parliament.

"Cyprus needed drastic reforms …. It was our obligation to face the crisis," he said.

"We have contradicted all negative forecasts, all negative projections … we restored the credibility of our state and also of the banking sector," Anastasiades added.

Cyprus came out on Monday from its 3-year economic adjustment programme that officially expires on 31 March 2016.

"Strict austerity policies do not help if we ignore social cohesion or repercussions on vulnerable groups," Anastasiades told CNBC.

Cyprus is the fourth euro area member state to exit its bailout following Ireland, Spain and Portugal. The island-state used €7.25 of the total €10 billion earmarked in the financial bailout.

Source: Famagusta Gazette