Economy of Cyprus

Greek Cyprus will not need all of the 10-billion-euro bailout it received in 2013 as its economy recovers faster than expected, the country's finance minister told AFP.
      

Bailed-out Cyprus will be putting out market feelers next week about a possible new bond issue, choosing Barclays, HSBC, Morgan Stanley and SG CIB to organize meetings with European investors.

Cypriot lender Bank of Cyprus posted a profit of 76 million euros ($95 million) in the first nine months of the year, helped by the disposal of assets in Ukraine, Romania and Serbia.

It also said its shares would resume trading in mid December after an 18-month suspension.

Cyprus’s recession-hit economy contracted by 0.4 percent in the third quarter, matching the drop of the previous three months, official figures showed on Friday.

Buoyed by tourism income, Cyprus’s recession-hit economy contracted by a slower 0.3 percent in the second quarter, down from the 0.6 percent drop in the previous three months, official figures showed on Wednesday.

Although it was the 12th successive negative quarter for the Mediterranean island’s battered economy, the figures were unchanged from a flash estimate issued on August 14.

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