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E-book

Title Cyprus : 2009 Article IV consultation : staff report : public information notice on the Executive Board discussion : and statement by the Executive Director for Cyprus
Published [Washington, D.C.] : International Monetary Fund, ©2009

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Description 1 online resource : illustrations (some color)
Series IMF country report ; no. 09/255
IMF country report ; no. 09/255.
Summary 1. Cyprus appears to be weathering the global crisis reasonably well (Figure 1). It recorded positive growth in the first quarter of 2009, well above the euro area average, and is among those that have not required public capital injections into its financial sector. The relatively benign impact of the crisis is due, in part, to the elimination of exchange rate risk following euro adoption and to conservative financial sector practices, limited exposure to toxic assets and strict supervision. The latter has preserved confidence in the financial system which has not only prevented capital outflows, but also attracted capital from distressed economies in the region. A domestic demand-based growth-supported by recent large real wage increases-and a relatively small contribution of manufacturing exports has also insulated the economy from a deterioration in partner country growth. Past budget surpluses, low public debt, and the long-awaited enactment of pension reforms have sustained investor confidence, as evidenced by a successful sovereign bond issue in June 2009.2
Notes Cover title
"August 2009."
Print version record
Subject International Monetary Fund -- Cyprus
International Monetary Fund
Global Financial Crisis, 2008-2009.
Financial crises -- Cyprus
Budget deficits -- Cyprus
Competition -- Cyprus
Inflation (Finance) -- Cyprus
Euro -- Cyprus
Fiscal policy -- Cyprus
Structural adjustment (Economic policy) -- Cyprus
Budget deficits
Competition
Economic history
Economic policy
Euro
Financial crises
Fiscal policy
Inflation (Finance)
Structural adjustment (Economic policy)
Cyprus -- Economic conditions
Cyprus -- Economic policy
Cyprus
Form Electronic book
Author International Monetary Fund.
ISBN 1280891742
9781280891748
9781451809978
1451809972