Q: What is your assessment of the state of the Cypriot economy at this moment? Are you out of the danger zone and what is the way forward?
A: Yes, actually, that could be a very accurate description of the situation. The danger zone is behind us. The climax of the problems in the banking system and the public finances was quite dramatic and there was very clear danger of an outright collapse of the system. We are out of that danger. The economy is still seeing negative growth rates and is in quite deep recession, and that is arguably an inevitable consequence of the correction.
