President Anastasiades States Cyprus' Economic Strides

The President voiced, "the emphasis now turns toward the necessary structural reforms...we want to implement our own 'Cypriot reform program,' which we will determine and it will not be imposed on us from outside," according to Parikiaki.

Anastasiades added, "the Cypriot economy and the banking sector have already been stabilized...there has been significant progress toward the creation of a new economic model for the country."

The President of the Republic of Cyprus further noted, "twenty months after the signing of the Memorandum with the Troika I can state with self-confidence and certainty that we are turning the page. The Cypriot economy is now on the road to recovery."

Anastasiades spoke of the banking sector, "The Cooperative banks have been recapitalized and, most importantly, foreign capital has been invested both in the Bank of Cyprus and the Hellenic Bank."

The President praised the island's recent credit rating strides, "significant upgrading of the Cyprus economy by Rating Agencies, which along with the return of Cyprus to the international markets just a year after the signing of the Memorandum, and with a very favorable interest rate, send a strong message: The message that indicates trust for the country."