Fitch review of Cyprus
Statement by AKEL C.C. Spokesperson Stefanos Stefanou
AKEL C.C. Press Office, 4th April 2020, Nicosia
In relation to the Fitch review on our country’s creditworthiness, we note that the pandemic has had a negative impact on the global, European and Cyprus economies. How much the global and Cyprus economies will be affected will depend on how long the pandemic will last. Who will shoulder the burden of the crisis is inextricably linked to the measures that will be taken and the policies that will be implemented by states.
Already, the pandemic in Cyprus is causing major problems for working people, households and the economy. In the current phase, the protection of jobs and support for households and businesses are paramount.
This can and must be done through a combination of measures, mainly with direct state support and not by lending to households and businesses through banks. Private debt and non-performing loans in Cyprus are among the highest in Europe.
The channeling of resources from the state with the aim of alleviating the problems in households and the economy’s survival, will create the preconditions for a speedy recovery after the end of the coronavirus crisis.
