Cyprus: 2011 Article IV Consultation: Staff Report; Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus
November 29, 2011
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The 2011 Article IV Consultation report discusses the Cypriot economy, which faces strong headwinds and downside risks owing to financial turbulence in the euro area and the large exposure of Cypriot banks to Greece. Executive Directors noted that Cyprus faces daunting economic challenges in the face of faltering external demand and worsening domestic financial conditions. Directors urged the authorities to act forcefully to restore sound public finances and safeguard the stability of the banking system.
Subject: Balance of payments, Banking, Commercial banks, Current account deficits, External debt, Financial institutions, Loans, Public debt, Special Data Dissemination Standard (SDDS)
Keywords: Commercial banks, CR, Current account deficits, Cypriot bank, GDP, Global, holding, IMF staff estimate, IMF's effort, ISCR, liability positions vis-à-vis nonresident, Loans, measures vis-à-vis credit institution, public finance
Pages:
53
Volume:
2011
DOI:
Issue:
331
Series:
Country Report No. 2011/331
Stock No:
1CYPEA2011001
ISBN:
9781463925871
ISSN:
1934-7685
