FinMin stresses that no additional fiscal consolidation measures are needed

Minister of Finance Harris Georgiades made it clear on Wednesday that Cyprus will not need to take additional measures of fiscal consolidation or fiscal adjustment.

Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs, and Valdis Dombrovskis, European Commissioner for the Euro and Social Dialogue and Vice-President of the European Commission, have asked Cyprus’ Finance Minister to explain his views with regard to the medium term objective of a balanced budget in structural terms in 2017, in a letter they sent to him on Tuesday.

The letter read that a preliminary assessment of the DBP suggests that Cyprus plans to depart significantly from its medium term objective of a balanced budget in structural terms in 2017.

Source: Cyprus News Agency