Since the crisis of 2013, the economy of Cyprus has shown impressive resilience and improvement. From negative growth rates, we now have significant and positive growth. From budget deficits, we now have significant primary and budget surpluses. From sky-rocketing unemployment levels, we now have levels that are close to full employment. The banking sector has recovered and the levels of NPLs have reduced substantially. However, a major problem still exists – namely the persistent level of private indebtedness (both for individuals...
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