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Finance Minister of Cyprus - Harris Georgiades

Finance Minister of Cyprus - Harris Georgiades

The Interview vor 12 Jahren

Austerity, poverty and a shrinking economy - can Georgiades be optimistic for Cyprus?

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When Harris Georgiades became Finance Minister of Cyprus a year
ago some said he had been handed poisoned chalice. He has had to
preside over tough austerity measures that are driving poverty
levels in the country. The economy is shrinking, unemployment
will perhaps reach 20% this year and wages are being slashed.
These were the tough conditions of a 10 billion Euro bailout
granted last year with the Troika of the European Central Bank,
the EU and the IMF to avoid a collapse of the banking system in
Cyprus. So why then does the Finance Minister believe that the
economy is proving more resilient than expected? Is he being too
optimistic?

Picture: Harris Georgiades, Credit: AP Photo/Petros Karadjias