THE BAD news on the economy has been coming thick and fast: a fortnight ago, we learned there was a gaping hole in public finances of €600 million, likely to send the public deficit spinning beyond the eurozone’s permitted threshold of three per cent; last week came confirmation of what everyone has been dreading, as Cyprus officially slipped into recession with its second consecutive quarter of negative growth. This week saw news that will compound the woes, as its impact filters into the wider economy, with figures showing peak season tourism down 11.2 per cent on last year, and bleak forecasts for the months ahead.

Asked last week to comment on the situation, Finance Minister Charilaos Stavrakis, replied, “I am on holiday. I cannot talk. Thank you.” Well, the holiday is well and truly over for Cyprus, thank you very much. And while government ministers may try to eke out a few more days away from the public glare, there is nowhere left to hide once they return to their desks. ... Read more »