- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Steps to speed Cyprus Title Deeds issue flop

ACCORDING to a confidential letter from the Cyprus Interior Minister Charilaos Stavrakis to President Christofias, the forecast that this year’s deficit will reach 7 percent of GDP is optimistic.

In his letter, details of which were published by Stockwatch, the Finance Minister analysed the “alarming” condition of Cyprus’ public finances and sounded alarm bells for the future of the island’s economy if no measures are taken.

If no steps are taken to improve economic situation, the Finance Minister predicts that the deficit will reach 7% in 2010 and will rise to 10% by 2013 – and the public debt will rocket to 80%.

In his letter to the President, the Minister analysed a series of failed initiatives taken in 2009 to address the situation that resulted in pushing the deficit higher – and admitted that the target for collecting €50 million by accelerating the issue of Title Deeds had not added a single Euro to the state’s coffers.