Cyprus Government Representative on Budget Deficiency

Speaker of the Cyprus government Mr. Stephanos Stephanou claimed that his country government is considering steps to implement in order to evade special measures to be taken by the European Union Economic Bodies against it & are listening to the EU recommendations how to diminish budget deficiency down to 3% of the GDP by 2012. It will allow Cyprus to evade tough measures taken by the EU, like it was in the situation with Greece.  Mr. Stephanou stressed that Cyprus drew the attention of the ECOFIN (EU Financial Economy Commission) due to the global economic crisis & external factors as Cyprus, like other EU countries, had invested funds into the economic development in order to activate its growth.  At the same time Cyprus along with Denmark shows better results than Bulgaria or Finland, which are now under special control of the ECOFIN that urged these countries to diminish budget deficiency down to 3% by 2011. However the representative of the Cyprus government didn’t confirm the plans for VAT rate increase for companies & real estate.