Limassol.- (CNA) – President of the Republic Demetris Christofias has assured that Cyprus’ economy is doing well. The President reiterated his government’s position that if it is deemed necessary to apply to the EU support mechanism, it will be done because of the banking sector. He also called for unity on the home front.
President Christofias said that the Government is trying to avoid applying to the support mechanism. However, he added, if required to do so, this will be officially announced and substantiated.
“We should not cause panic to the Cyprus market about our economy”, he added.
The President stressed that “our economy is doing well, and our efforts to tackle the fiscal deficit and public debt are also going well and we have positive results”
“Unfortunately we have the problem with the banks, or rather with one of the banks which we are trying to address in a number of ways”, he pointed out.
He said that the Government is taking measures and called on the opposition to tone down its criticism.
He also expressed the view that the country needs tranquility as well as unity of actions and goals.
Asked about efforts to secure a loan from Russia, he said “we will let you know the results soon, either positive or negative, we do not know yet.”