Measures to support society will give meaning to the Cyprus economy’s upgradings

 

30 September 2023, AKEL C.C. Press Office, Nicosia

The double upgrade of Cyprus by Moodys is a positive development for the Cyprus economy. It is mainly and above all the result of the efforts and toil of Cypriot society itself, which is once again called upon to bear the cost of exiting the crisis – this time the cost of the prolonged austerity policies and the unbearable cost of the instalments of loans for households and businesses.

We would like to be able to applaud the fiscal tidying up and prudent fiscal policy invoked by the previous government ruling forces and their current successors, but unfortunately the reality is different.

The fiscal results that led to the Cyprus economy’s upgrading are the result of the cuts in social benefits and reduced support for the suffering Cypriot society, in contrast to the policies of other European countries, but also internationally. By abandoning workers, students, the unemployed, the thousands of our fellow citizens at risk of poverty and promoting social exclusion. By transferring the problem of non-performing loans from the banks to society in general.

Our goal remains a balanced and socially equitable growth, taking advantage of the opportunities that upgrading gives the economy to create further prospects for sustainable and long-term growth. We will continue to support responsible policies to bring the economy and society out of the new crisis.

At the same time, we sound the alarm with regards the inaction of the government ruling forces, and remind that surpluses and stability can only exist as long as society does not unilaterally bear the costs, as is the case today.