CYPRUS: Fiscal position to improve this year following recent endorsement of austerity measures | Eurobank
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CYPRUS: Fiscal position to improve this year following recent endorsement of austerity measures

• Early 2011 economic recovery hindered by lingering euro area debt crisis, munitions accident
• Domestic economy expected to broadly stagnate this year, with return to more sustained growth seen likely in 2013
• Public finances deteriorated in the past three years due to structural and cyclical factors
• Fiscal position to improve in 2012 on recently-adopted austerity measures
• Cyprus in a better position than other euro area economies to weather the sovereign debt crisis