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

‘Kapetan Mihalis’: Greek Film Festival celebrates 30 years with epic opening night

Greek Film Festival in Sydney has announced the monumental opening night film of its 30th anniversary, 'Kapetan Mihalis'.

Simon Behrakis concedes defeat after narrow loss in Tasmanian seat of Clark

Simon Behrakis has lost his seat in Tasmania’s electorate of Clark by a razor-thin margin, as a fellow Liberal surged ahead in the final count.

Australia avoids tariff hike under Trump’s revised trade order

Australia has avoided a steep tariff increase under a new executive order signed by US President Donald Trump.

Santorini proposal hilariously interrupted by unwitting elderly couple

Proposals are all about timing - and while one couple nailed the moment, it wasn’t the pair getting engaged in Santorini.

21-year-old Athan Boursinos gunned down in brazen Melbourne shooting

Athan Boursinos, 21, was gunned down outside his family home on Thursday morning in what police have described as a targeted” attack.

You May Also Like

Rising inflation taking larger chunk out of Greek retirees’ pensions

Pensioners in Greece are feeling the hit of the rising global inflation and are struggling to keep up with the increasing cost of living.

Thousands flock to the Hazelhurst Greek Festival in Sydney’s south

The Hazelhurst Arts Centre hosted a vibrant Greek Festival on Sunday, attracting thousands eager to celebrate Greek art and culture.

Greece to repay bailout loans a decade early amid strong economic rebound

Greece plans to repay its first bailout loans by 2031 — ten years ahead of schedule — Finance Minister Kyriakos Pierrakakis has confirmed.