Cyprus 'one of the success stories of ESM'
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Rolf Strauch, the European Stability Mechanism’s (ESM) chief economist called for the continuation of prudent economic policies and keeping fiscal buffers as external risks, such as trade wars and Brexit, could affect growth of small and open economies such as Cyprus. In an interview with the Cyprus News Agency (CNA), Strauch said that despite the drastic reduction of non-performing loans (NPLs) in the Cyprus banking system, bad loans, along with high public and private debt, remain the country’s key challenges as they amount to 50% of the island’s GDP and...
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