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Cyprus: Prone to Recession
People ♦
Published: April 3, 2013; 10:27 ♦ (Vindobona)
Despite of the bail-out package, the country is threatened by a deep recession in the coming two years.
Cyprus: Prone to Recession / Picture: © Vindobona.org
Cyprus was finally able to agree on the terms for the bail-out package with international lenders and therefore can prevent the country from bankruptcy. However, the austerity measures in state finances will dampen economic growth. Cyprus is threatened by slipping into a recession in 2013 and 2014.
For the emergency credits, Cyprus will pay a 2.5 % interest rate. Repayments will…
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