Trip Notes Cyprus: Key notes from our recent trip to Nicosia (May 25th, 2011) | Eurobank
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Trip Notes Cyprus: Key notes from our recent trip to Nicosia (May 25th, 2011)

• Right-wing main opposition party wins May’s general elections; outcome bears little impact on the current political landscape, for now
• Domestic economy rebounded from recession in H1 2010
• A timid, yet still unbalanced, economic recovery is underway; GDP growth is seen accelerating further next year
• Additional measures are needed to bring the fiscal position to a more sustainable path
• Credit ratings under downward pressure on fiscal-related jitters and euro area spillover worries, but domestic financial system remains well positioned to weather potential shocks
• Current account improvement driven by lower private-sector demand for imports