Wall Street Journal
February 11, 2014
The economy of Cyprus, which was recently on the cusp of leaving the euro zone, is doing better than expected, a team of international experts overseeing its bailout program said Tuesday.
The tiny island nation's economic output contracted by about 6% in 2013—about two percentage points less than the experts originally thought. While the recession is very deep, it compares with some private-sector estimates last year that projected the country would lose up to 15% of its economic output
The team of inspectors from the so-called troika of institutions—the European Commission, the European Central Bank and the International Monetary Fund—issued the statement after completing a review of Cyprus's bailout, a €10-billion ($13.64 billion) aid package agreed last March and funded by euro-zone countries and the IMF.
The experts said the Cypriot economy will shrink by another 4.8% in 2014 before it returns to slow growth of 1% in 2015—sticking to their original projections but warning that they too may be revised if things continue going well.
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