German Newspaper Reports on Cyprus’ Road to Recovery

cyprus_greeceGerman business newspaper Handelsblatt reports on the progress of the one billion euro Cypriot bailout which was adopted on May 15, 2013 and compares it to Greece’s struggle to successfully conclude a reform effort which began in May 2010.

The magazine contrasts the congratulatory remarks Cypriot Finance Minister Haris Georgiadis will get from European officials in comparison to the pressure Greek Finance Minister Euclid Tsakalotos will receive during the November 9 Eurogroup meeting, with negotiations between Greece and creditors on bailout reforms still ongoing.

The eight review of the Cypriot bailout was completed in late September, with the International Monetary Fund judging that Cyprus is successfully progressing with a necessary reform program and was eligible to receive an additional 126 million euros.

The magazine identifies the different stance of the Cypriot and Greek governments toward the bailouts. Cypriot President Nicos Anastasiades implemented the agreed reforms without any complaints or resistance whereas the Greek government has not done so. Anastasiades did not attribute Cyprus’ problems to German Chancellor Angela Merkel or the European Union, unlike Greek politicians who have denounced austerity measures imposed by creditors.

As a result, Cyprus is set to join Ireland, Portugal and Spain as countries that have successfully implemented their respective bailouts.


  1. Yes, let’s compare a small island country of less than a million people with a country of 11 million.

  2. Cyprus was under British education until 1960, so they learned to work Western style. They also have less public worker in comparison to population, paper work is less and decision more rapid, more liberal indeed.