In yet another pioneering move for the provision of the most reliable financial analysis, Eurobank Cyprus has presented the first edition of Eurobank Cyprus Quarterly Economic Review, aimed at informing the customers of the Bank and the general public about the economic developments in Cyprus, the emerging challenges and prospects as well as the factors that might affect the evolution of the Cyprus economy.
The first edition was presented on Friday, 8 July, at the Cyprus Hilton Hotel by a special partner of Eurobank Cyprus, Dr Gikas A. Hardouvelis, Professor at the Department of Banking and Financial Management in the School of Finance and Statistics at the University of Piraeus, as well as former Greek Minister of Finance. In addition to the regular presentation of the recent economic developments, the first edition features an analysis of how Cyprus managed, in March 2016, to exit the Memorandum of Understanding with its official lenders within just three years.
According to Eurobank Cyprus Quarterly Economic Review, Cyprus has been successful largely due to its remarkable achievement of transforming the Economic Adjustment Programme into an opportunity to restructure the economy and reduce the prodigal public spending. With the plausible consent shared by virtually all political forces and common interests of Cyprus at heart, the Programme was adopted and most of its provisions were consistently implemented. At the same time, Cyprus has maintained its competitive advantages on an global level, such as low corporate tax rates, the provision of effective tax-related, accounting and other services internationally, its tourism and the relative effectiveness of its public administration.