Ongoing pressures in the EU set to affect Cyprus

·

European Central Bank President, Christine Lagarde, has stated that Cyprus is set to be affected by the increasing financial pressures that will come as a result of the country’s dependency on oil imports for the generation of electricity and energy. 

Tourism is set to also see a decrease in the number of visitors from Russia and Ukraine, which made up 32 percent of total arrivals in 2021 combined. Lagarde went on to say that given the importance of Cyprus as a middle point for foreign investment, there will definitely be an interruption to accounting, consulting, and legal services. 

“I recognize that Cyprus, like all of Europe, is now facing growing uncertainty,” said Lagarde. 

The ECB head noted in her speech, at an event held by the Central Bank of Cyprus, that the fundamental growth of the Cypriot economy has grown over the years due to the hard work conducted after the banking crisis of 2013. 

Lagarde noted that the banking sector has been highly capitalised and liquidity and exposures in Russia are limited. 

Source: Ekathimerini

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

From Metallica to Maritime: The many lives of Greek shipping tycoon Harry Vafias

Though Greek shipping tycoon, Harry Vafias, spends much time working, it certainly isn't a case of 'all work and no play.’

‘I want them to know their word matters’: Peter Georgiou stands against gender violence

Peter Georgiou, a real estate agent from Rushcutters Bay and father of four-year-old twins Leila and Lola, believes change begins at home.

Thessaloniki’s Byzantine walls to shine with new light project

Thessaloniki’s iconic Byzantine Walls are set to be illuminated under a major cultural initiative announced by the Greek Ministry of Culture.

Greek World Heritage Cities face rising climate threats

Iconic Greek cities—Athens, Thessaloniki, Corfu, Rhodes, and Patmos—face serious climate threats, according to a new UNESCO-backed report.

Are apps like Duolingo enough to learn Greek, or do we need a tutor?

For many people who want to learn conversational Greek, an app, can be a very useful addition to your program.

You May Also Like

King Charles III wraps up Australian visit with a nod to Greece

As King Charles III and Queen Camilla wrapped up their visit to Australia, the King donned a tie adorned with the Greek flag.

Drew Pavlou settles $3.5 million lawsuit against University of Queensland

Drew Pavlou has received no financial compensation after agreeing to settle a $3.5 million lawsuit against the University of Queensland.

‘It’s a shared journey’: Grecian Ball was all about unity

The community came out in full force on Friday to celebrate the Grecian Ball organised by the GCM, the National Day Council of Victoria and the Greek Orthodox Archdiocese of Australia.