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Georgiades takes disagreement with Commission to the Eurogroup

At Monday’s Eurogroup meeting, Finance Minister Harris Georgiades is expected to reiterate the government’s position that additional fiscal measures are not necessary in Cyprus, and would undermine the country’s growth potential, a position contrary to the European Commission’s recommendations.

The fiscal plans of member states in the eurozone for 2017 are expected to be discussed at the meeting, along with the fiscal situation throughout the eurozone, taking into account the European Commission’s winter projections for 2017.

Speaking to the CNA, Georgiades said that the European Commission’s recommendations are based on a faulty approach, “which is based on the premise that the Cyprus economy has entered an overheating phase and additional fiscal effort is needed.”

“For instance, through taxation, to cut down the economy’s growth potential,” added Georgiades.

The Finance Minister went on to say that “it is understandable and clear on the government’s part, that there is a disagreement on this point, and we are not going to follow such a mistaken recommendation”.

“We will maintain the dominant approach of our fiscal policy, which is based on strengthening and sustaining growth, with simultaneous maintenance of a balanced budget over a stable outlook”, he noted.

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