Cyprus has lost part of its credibility for reasons mainly related to the economic crisis Government Spokesman Christos Stylianides acknowledged, pointing out that “we all share the responsibility to change this based on facts”.

The government has managed in these past five months to regain part of the country’s credibility and the clearest indication of this is the recent positive evaluation by the Troika of the implementation of the bailout program, he noted, speaking at the 17th annual conference of Greek and Cypriot organizations abroad.

“The first evaluation allowed us to take a breath and enables us to move on with solid steps and at a faster pace and build on it to change the image of Cyprus created during those two Eurogroup meetings” he added.

To that direction he said there are more arguments to use such as the fact that Cyprus remains a member of the eurozone, it has begun stabilising its banking system and foreign companies have not left the island.

The Spokesman said that this first evaluation should be attributed to the political system, the workers and the social partners who in such difficult times engaged in collective action to start from scratch.

Even Cyprus’ lenders did not believe that social peace would be maintained on the island after the bail-in, the increase in the unemployment rate, the reduction of income and of the standard of living, he indicated.

Stylianides noted that the government of Cyprus would like to follow the Irish example and in fact after the first positive evaluation, he added, Cyprus is considered to be closer to Ireland than to other countries involved in a bailout program.

The Spokesman said that the political upheavals of the Arab Spring underline once again the geopolitical role of Cyprus which gains further geostrategic advantages following the developments in the energy sector and the cooperation with Israel.

On the Cyprus problem the Stylianides said that the aim is to reach a solution and reunite the island.

Cyprus, divided since 1974 when Turkish troops invaded and occupied its northern third, agreed with international lenders on 10 billon euro aid package under which it closed one bank, the Popular, whereas deposits with more than 100,000 euros held at the euro zone state`s biggest lender, Bank of Cyprus, lost 47.5% of their value, after being converted into bank shares.

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