NICOSIA, Cyprus – Cyprus’ finance minister says the bailed-out country’s economy will see “sufficiently satisfactory” growth in 2015 as it emerges from three years of recession.
Harris Georgiades says the state budget, which the Cabinet approved Wednesday, is balanced after being in a deficit earlier.
He says there’s no need for any additional tax increases or spending cuts. In fact, the budget foresees a 5 per cent increase in spending while “gradual and careful” steps are being taken to ease the tax burden.
Cyprus a eurozone member, received a 10 billion euro ($11.23 billion) rescue deal from international creditors in 2013 that included a grab of uninsured deposits from the country’s two largest banks. The smaller of the two lenders was shuttered.
The rescue program concludes early next year.