17/03/2016 12:57
As Cyprus exits a three year bailout, Finance Minister Harris Georgiades has said that the government is firm on its position that the country must not become complacent, saying it must continue consolidation efforts.
“The period of the great responsibility begins now” he said, addressing the General Assembly of Cyta union ASET on Thursday in Nicosia.
“Either we will remain stable and continue the effort, consistently and seriously, or we will become complacent and slip slowly into a new cycle of instability and uncertainty,” he said.
“The Government`s position and attitude over this matter is given and non negotiable” he stressed.
Georgiades said that decisions on the future of Cyta will be taken without third party intervention. Cyta is at a crucial crossroads, he noted. “The decisions that we have to take in the next period will determine the future course and the perspective of the organization,” he added.
He reiterated that the Government does not object to the state maintaining a significant share of the organisation since that would mean a share in future profits. But for future profits to be generated, decisive moves are needed in order to reverse revenue decline, maintain market shares and avoid mismanagement, the Minister noted.
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.
“The period of the great responsibility begins now” he said, addressing the General Assembly of Cyta union ASET on Thursday in Nicosia.
“Either we will remain stable and continue the effort, consistently and seriously, or we will become complacent and slip slowly into a new cycle of instability and uncertainty,” he said.
“The Government`s position and attitude over this matter is given and non negotiable” he stressed.
Georgiades said that decisions on the future of Cyta will be taken without third party intervention. Cyta is at a crucial crossroads, he noted. “The decisions that we have to take in the next period will determine the future course and the perspective of the organization,” he added.
He reiterated that the Government does not object to the state maintaining a significant share of the organisation since that would mean a share in future profits. But for future profits to be generated, decisive moves are needed in order to reverse revenue decline, maintain market shares and avoid mismanagement, the Minister noted.
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.
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