Central Bank ask for urgent action on Cyprus

By in

images (1)After weeks of negotiations the bailout has not been signed yet. The delay on the funding for Cyprus presents a risk for the whole Eurozone, as Mr. Demetriades, Central Bank governor explained. According to Reuters Agency, the negotiations are still at a delicate state. Demetriades said that reigniting of debt crisis will bring chaos to the whole Eurozone economy. ‘The Periphery is the biggest risk (to recovery), and at the minute it is Cyprus’ as the governor explained as he pointed out the importance of getting an agreement to conclude the bailout. Demetriades said the currency bloc’s debt-ridden countries have done well managing their budgets and they are approaching the improvement and the growing of their economies. In his opinion they have not gone through all the fiscal adjustment, although according to his words the end is close. It is essential for governments to keep on implementing structural reform, in order to create progress in fiscal consolidation.