Cypriot Minister of Finance Harris Georgides has declared that the island's recent rating raises show the economy's improvement.
The Minister referred to the nation's upgrades by Fitch and stated, "The decision by Fitch is an important and positive development, another step towards the course of stabilizing the Cypriot economy and particularly the banking system", as reported by Parikiaki.
Georgides added that the rating improvements: "...is of vital importance, a decisive factor in our effort to revitalize economic activity which cannot come in an economy without prospects and confidence".
The Minister of Finance referred to Cyprus' major monetary issue, that concerns non-preforming loans and commented that this economic element, "...is a serious side effect, or a residue of the unsustainable credit expansion and the excessive indebtedness of the previous yeas, which has left a an oversized problem today...Firm but decisive steps must be taken to ease this issue as well".
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