Cyprus: Cyprus has recorded the third largest reduction in public debt in the EU, with a level significantly lower than the average for both the EU and the Eurozone, President of the Republic, Nikos Christodoulides, announced in a post on X today. As he noted, the country's debt is already at low levels, making the continued annual reduction of 6.1 percentage points particularly noteworthy.
According to Cyprus News Agency, President Christodoulides emphasized that this reduction is a clear indication of resilience and responsible economic planning. The performance of the Cypriot economy, he said, confirms in practice that prudent and responsible fiscal policy yields measurable results. The President highlighted the achievement of reducing public debt as a percentage of GDP below 60% a year earlier than planned, which translates into a stronger economy.
This accomplishment brings several benefits, including greater international credibility, lower borrowing costs, and more fiscal space to support the middle class. It also allows for increased investments in critical areas such as health, education, housing, and the welfare state. President Christodoulides concluded that Cyprus is well-positioned for continued economic stability and growth.