COVID19: Cyprus public debt jumps to 113% of GDP

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COVID19: Cyprus public debt jumps to 113% of GDP
 © FinancialMirror 2020
Cyprus general government debt spiked to 113% of GDP (€24.56 bln) in April, reflecting the borrowing spree the Finance Ministry mounted to mitigate the impact of the coronavirus outbreak.

Cyprus’ debt bloated to 113% of GDP in April from 95.5% at the end of 2019, official data shows.

The Finance Ministry began 2020 with an EMTN issuance of €1.75 bln to repay the remainder of an IMF loan secured during the 2013 financial crisis and to boost its cash reserves.

Initial ministry estimates said strong growth rates coupled with strict public...


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COVID19: Cyprus public debt jumps to 113% of GDP


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