Is Cyprus out of the woods?

Rating agency Standard & Poor's has upgraded Cypriot government bonds' status to "investment-worthy". After six and a half years at junk status the analysts have assigned them the BBB credit rating. Journalists examine the impact the 2013 banking crisis is still having on the country today.

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Cyprus Mail (CY) /

From now on things will improve

At last Cyprus's economic woes are at an end, the Cyprus Mail writes with a sigh of relief:

“This is also a vote of confidence in the economy, acknowledgement that public finances have been put on a healthy footing and that the banking sector no longer poses any risk. ... All the economic indicators show a positive outlook. The growth rate is expected to be at 4 per cent this year while the fiscal surplus is forecast to reach 3 per cent of GDP, almost double that of 2017. ... The only danger facing the economy now is complacency, for which our politicians have a tendency.”

Phileleftheros (CY) /

The law of the jungle applies now

Phileleftheros points out that Cyprus's return to creditworthiness has been hard-won:

“Basic rights of shareholders and investors were violated. Working conditions were deregulated, trust was breached on all levels, and any sense of security was undermined. All of this created a new order without rules where the only compass was the survival instinct. That's more reminiscent of the law of the jungle than of the rules of a developed country. ... All of us must show due respect for those who helped the country to overcome this ordeal. And one shouldn't forget that the state - and the people - are still encumbered with debt, and that our banks are still sitting on the bomb of non-performing loans.”