| Cyprus bank executives see a further deterioration in the Island’s economic conditions next year that they consider will further reduce liquidity, increase the cost of borrowing, and put further downward pressure on property prices.
Senior managers from three of the Island’s banks outlined a gloomy future for the economy and called on government to take bolder steps to reverse the downward course. Christos Stylianides, deputy CEO of the Marfin Laiki Bank said that “The Cyprus banking system dealt with the shocks of the global credit crisis. However, the government’s failure to take measures in time led to its consecutive downgrades by the rating firms and its inability to borrow from the foreign markets”.............................................Full Article: Source
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