Bankruptcy averted and Cyprus recovering

The danger of total bankruptcy that Cyprus had been facing has passed, the economy in on the road of recovery and the banking system is on its way to become stabilised, President of the Republic of Cyprus Nicos Anastasiades said on Thursday.

Speaking at the 3rd Energy Symposium, organised by the Institute of Energy for South-East Europe and Financial Media Way, President Anastasiades said the government was doing everything necessary to restart the economy, reform and modernise the state, and return Cyprus to a course of development.

The President noted that Cyprus could become a transit point for the natural gas of the whole Eastern Mediterranean towards any destination, and that the hydrocarbons in Cyprus` exclusive economic zone could act as a catalyst for a solution of the political problem of Cyprus, divided since 1974, when Turkey invaded and occupied its northern third.

Referring to the economy, President Anastasiades said that after the implementation of measures and commitments towards its lenders, Cyprus has already recorded the first positive results, noting that it was now obvious that the country had begun to recover.

He added that energy could play a decisive role in political and economic developments over the next years, and that the commercial exploitation of hydrocarbon deposits in Cyprus` exclusive economic zone and future plans could establish Cyprus as a regional energy hub.

President Anastasiades said that one of the government`s top priorities was to construct a land terminal for the liquefaction of natural gas, and to promote a new natural gas route from the Southeastern Mediterranean to the European Union.

He said political developments in Cyprus and abroad, as well as economic and energy developments, have upgraded international interest in Cyprus and the region, adding that natural gas was the means to turn the Eastern Mediterranean into a region of peace, cooperation and prosperity.