"We are fixing the economy" says Cyprus Finance Minister

The Finance Minister has admitted that the problems of the Cypriot public finances and the banking system, were a result of the government's own shortcomings and failures to act in a timely manner.

"Acknowledging the problems were ours, enabled us to take control of the situation," Finance Minister Harris Georgiades told HARDtalk. "We are able to explain to the public that we are fixing those problems," he added. In March 2013, Cyprus agreed to a €10bn (£8bn, $13.5bn) bailout with the International Monetary Fund (IMF) and the European Union in an attempt to prevent the collapse of its banking sector and the wider economy.

Source: BBC

Cyprus Profile

articles | 24 January 2014