Cyprus records the third highest public debt with 102.5% of GDP and the highest fiscal deficit with -4.8% of GDP across the EU

The government’s “success story” is undermining the future of the whole of society and the economy

AKEL C.C. Press Office, 23 April 2019, Nicosia

The Statistical Office of the European Communities today released new data on percentages with regards public debt and fiscal deficits for the EU and the member states. Cyprus records the third highest public debt with 102.5% of GDP and the highest fiscal deficit with -4.8% of GDP across the EU.

The government has hiked up the country’s public debt as a result of the closure of the Cyprus Co-operative Bank, putting an unbearable financial burden on the backs of the next generation. This is the government’s “success story” which is undermining the future of the whole of society and the economy.