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Cyprus submits stability programme to EU

The Cyprus News Agency has reported that government has submitted its Stability Programme to the European Commission, which includes the basic targets to reduce the budget deficit to 6% in 2010 and below 3% by 2013.

ACCORDING to an official announcement issued on Tuesday by the Ministry of Finance, the Stability Programme was submitted to the Commission on Thursday, 1st of April, through the due process and it is already in the hands of the competent officials.

As it is noted, the Stability Programme is a living document, which beyond its fundamental structure and measures, is open to change, adding that it is imperative to continue the dialogue both with parties and the social partners as well as the European Commission.

The Ministry’s announcement points out that the government remains committed to the efforts to reach consensus solutions on the economy in order to address the chronic structural problems to help economic recovery.

Therefore, after tomorrow’s meeting between the Finance Minister and the leaders and representatives of all parliamentary parties, meetings with all social partners and other organized groups will follow in the next days in the context of the dialogue and discussions that have been going on for some time now, the announcement concludes.

The four main targets of the Stability Programme relate to tax evasion, cutting down operational costs and non productive expenses in the civil service, boosting development and consolidating a more effective social state.

In his remarks last week, the Finance Minister Charilaos Stavrakis expressed hope that the main bulk of the Programme will satisfy the Commission, noting though that there are always recommendations and amendments suggested by Brussels.

Readers' comments

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  • Whirlybird says:

    It’s good to see that some attempt is being made to sort out the affairs in Cyprus, however I cannot read between the lines of the four main targets of the Stability Programme mentioned that intimates that anything concrete is to be done about what I and many others feel about is really the major problem needing eliminating. The old one of corruption in all sectors of the government and community, until it is proven that headway is being made to this end then we will not get out of the rut were in.


  • Lee Dodd says:

    I would just like to say that I, like a lot of people, have bought an apartment to rent in Cyprus and because of the recession have no money to pay the mortgage and can’t even rent it and cant even sell it so the bank will be well in trouble with it very shortly they must have more repossessions than mortgages or will do very shortly.

    In the complex I am on in Peyia I know at least 8 people in the same situation. We cant even afford to fly out there as we lost our jobs etc – broke our backs to get the furnishings that cost €9,000 with air con units etc and can’t even rent them out. I have spent £500 on advertising to no avail.

    I was threatened by the developers with European Courts of Law and it made me very very ill so had to go ahead with the deal in Feb 2010 then find out the solicitor is in hock with the developer and didn’t do as I asked with the bank and deny all knowledge. As For MRI who we bought through they should be struck off for the lies they said to us and others.

    If anyone can help please let me know etc.

  • Ian says:

    What a good day for Cyprus to submit anything to the EU.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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