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Cyprus News Agency: News in English, 06-07-11

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] ECOFIN - CYPRUS

  • [01] ECOFIN - CYPRUS

    ECOFIN decided, at the suggestion of the European Commission, to revoke the excessive deficit process, which had been activated for Cyprus in 2004. The Council accepted the Commission`s position that Cyprus had managed sustainable fiscal corrections, restoring the deficit below the 3% GDP ceiling.

    Cypriot Minister of Finance Michalis Sarris, who participated in the ECOFIN meeting, received the praises of his counterparts, the Finnish presidency and the Commission, who noted that Cyprus` efforts were effective.

    Commissioner for Economic and Monetary Affairs Joaquin Almunia said Cyprus was a paradigm to be copied, since it is the first of the new EU countries that is taken out the excessive deficit process, adding that if a country has the political will, it can achieve much in a very short time.


    Former Minister of Foreign Affairs George Iacovou has conveyed the commitment of the Republic of Cyprus to contribute towards combating illegal immigration, as well as towards the economic development of the countries of origin of the immigrants.

    Speaking at the EU-Africa ministerial meeting on immigration and development, taking place in Rabat, Iacovou referred to the connection between immigration and economic welfare, noting that ``the challenge we are facing is to work together in order to combat illegal immigration and to help the economic growth of the countries of origin, so that young people living in these countries are not forced to seek a better life abroad.``

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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