Harris Georgiades

Cyprus expects its economy to grow between 2.5 and 3 percent this year as it recovers from its recent financial crisis and bailout.

Finance Minister Harris Georgiades said on Tuesday the economy has rebounded strongly and is making up lost ground after the country sought out a multibillion-euro rescue deal from its eurozone partners to save it from bankruptcy in 2013.

Cyprus plans to be "out and about" in bond markets next year, its finance minister said on Wednesday, after a successful first debt sale in July since its 2013 banking collapse and bailout.

In an interview with Reuters, Harris Georgiades said he was sizing up the bond markets again.

Eurozone member Greek Cyprus is well out of recession, having notched up a third consecutive quarter of growth, and is looking for GDP to expand at least 1.5 percent this year, officials have said.

Cyprus's finance minister says his own bailed-out country could consider writing off 330 million euros ($370 million) in rescue loans to Greece if there is a deal with other euro area member nations to lighten the country's debt load.

Cyprus?s finance minister said on Tuesday the country has raised 1 billion euros from international markets with its second public bond issue since its painful bailout two years ago.

Harris Georgiades stated the seven-year bonds were nearly twice oversubscribed and carried a 4 percent interest rate.

By Paul Tugwell & Rebecca Christie

Greece and its creditors remained at loggerheads with time running out to unlock aid in exchange for economic reforms and avert a default.

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

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.
      

By John O'Donnell & Michele Kambas

Doubts over Greece's future membership of the euro are straining its historic kinship with Cyprus, as Nicosia distances itself from Athens to try to secure its foothold in the currency bloc.

Cyprus closed down its flag carrier Cyprus Airways on Friday after the European Commission ordered the struggling airline to pay back over 65 million euros in illegal state aid.