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Juncker praise for Cyprus during financial crisis

“Cyprus was very successful in managing the economic crisis, amidst the pressures from the Eurogroup and the International Monetary Fund”, former President of the European Commission, Jean-Claude Juncker has said.

Talking with the state-owned news agency, he said Cypriots should be proud of navigating through a serious financial situation in 2012.

He also expressed the opinion that the prospects for solving the problem have not disappeared.

The 2012–2013 Cypriot financial crisis was an economic crisis in Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government’s bond credit rating to junk status by international credit rating agencies.

Famagusta Gazette