Cyprus: 2011 Article IV Consultation: Staff Report; Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus
IMF Staff Country Reports, November 29, 2011
Source details
- Canonical URL
- Cyprus: 2011 Article IV Consultation: Staff Report; Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus
Other formats
Bibliographic details
- Published: November 29, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463925871.002
Overview and main findings
- The report discusses the Cypriot economy facing 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.
- Publication date: November 29, 2011
- Pages: 53
- Volume: 2011
- Issue: 331
- Series: Country Report No. 2011/331
Risks and economic context
- Key risks highlighted:
- Financial turbulence in the euro area.
- Large exposure of Cypriot banks to Greece.
- Faltering external demand.
- Worsening domestic financial conditions.
- Subject tags listed:
- Balance of payments, Banking, Commercial banks, Current account deficits, External debt, Financial institutions, Loans, Public debt, Special Data Dissemination Standard (SDDS)
Policy recommendations and guidance
- Directors urged authorities to:
- Act forcefully to restore sound public finances.
- Safeguard the stability of the banking system.
Metadata and identifiers
- DOI: https://doi.org/10.5089/9781463925871.002
- Stock No: 1CYPEA2011001
- ISBN: 9781463925871
- ISSN: 1934-7685
- Format note: IMF Staff Country Reports
- Keywords listed: 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
IMF Staff Country Report: 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).