The Cyprus Ministry believes the financial crisis is being successfully tackled

Kikis Kazamias the Finance Minister in Cyprus said that the government is successfully tackling the financial crisis facing the Cypriot economy

At an ceremony in Athens for Cypriot academic achievers, Kazamias highlighted the climate of political consensus and social participation and expressed hope that this will continue in 2012, despite a 0.2 per cent forecast GDP growth.

Referring to the causes of the financial crisis in Cyprus, as a result of the global financial crisis, Kazamias recalled the distortions in the economy, structural weaknesses as well as last July’s massive explosion at a naval base on the island which crippled the main power station, resulting in regular power cuts.

The crisis, he added, forced the Republic of Cyprus to address the distortions in the economy, which everyone acknowledged existed but no government dared address. or promote structural changes.

He noted that austerity measures, approved with the contribution of the political parties, although they do not solve the problems of the economy permanently,  had relieved some of the pressure.

Kazamias highlighted the need for future governments to continue following strict financial policy and said that the natural gas deposits recently discovered in Cyprus’ Exclusive Economic Zone should be managed correctly.

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