BoC economist says surpluses needed for swift debt reduction

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BoC economist says surpluses needed for swift...
 © BusinessMail 2017
By Stelios Orphanides

Cyprus should seek to “considerably” reduce its public debt as a percentage of economic output the earliest possible by generating small surpluses, a Bank of Cyprus economist said, days after the International Monetary Fund (IMF) updated its forecast for government debt to 109.3 per cent, a new all-time high.

Public debt, which rose last year to €19bn, or 106.1 per cent, of gross domestic product (GDP), is expected to rise further this year during which the government aims at a marginal fiscal deficit of around 0.5 per cent of GDP, as a result of an expected bond issue...


BoC economist says surpluses needed for swift debt reduction


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