What Lies Beneath? Truth and Lies About the Cyprus Economy

Accountancy Cyprus, Vol. 121, December 2015

2 Pages Posted: 25 Jan 2016 Last revised: 2 Aug 2017

See all articles by Savvakis C. Savvides

Savvakis C. Savvides

Queen's University - John Deutsch Institute for the Study of Economic Policy

Date Written: December 1, 2015

Abstract

Following the extra ordinary decision to bail in the unsecured depositors and restructure the two main banks and the near complete destruction of the country’s economic business model as an International Financial Centre, the author considers the real causes of the problems facing the Cyprus Economy and the reluctance of the Government to take firm action to put back the country on a development path. Cyprus must rebuild its economy on solid and sustainable foundations. The effort should revolve around the need to build a capability to source funds and appraise capital investment projects, and to take the initiative so as to create a National Development Finance Agency in Cyprus to undertake the lead in appraisal and financing of key developmental projects and Public-Private Partnerships.

Note: The article was published in the Accountancy Cyprus Journal, Dec. 2015, No.121 and the Cyprus Mail as well as the Stockwatch blog in October 2015.

Keywords: Repayment capability, project evaluation, corporate lending, credit risk

JEL Classification: D61, G17, G21, G32, G33, H43

Suggested Citation

Savvides, Savvakis C., What Lies Beneath? Truth and Lies About the Cyprus Economy (December 1, 2015). Accountancy Cyprus, Vol. 121, December 2015, Available at SSRN: https://ssrn.com/abstract=2721627

Savvakis C. Savvides (Contact Author)

Queen's University - John Deutsch Institute for the Study of Economic Policy ( email )

Canada

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