EC: Only a year after completing the budget reforms, Cyprus is at risk of loosing it all

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The EC has posted a press release on its official website, stating that while the structural reforms carried out in recent years have helped Cyprus recover from the recession; the momentum from said reform has weakened, only a year after completing the adjustment program. “It is crucial to not only safeguard, but build upon these hard earned achievements.” the Commission cautioned. There is a danger of putting the economy’s future growth prospects at risk as pressure to increase public expenditure rises and the reduction of NPLs remain slow.