The prospects of the Cyprus economy during 2012, are not favourable, said here Friday Finance Minister Kikis Kazamias.

In a speech at a conference on the Cypriot Economy, Kazamias further said that Cyprus is expected to be negatively affected by developments in the Greek economy.

He also said that resorting to the European Financial Stability Facility (EFSF) should be a last option and every effort should be made to avoid that.

In his speech, Kazamias said that “we all acknowledge the difficult time the economy of Cyprus is undergoing“, noting that Cyprus is facing very serious challenges.