March 23, 2018 / 3:20 PM / 5 months ago

EU authorities tell Cyprus to keep purse strings tight

FRANKFURT, March 23 (Reuters) - Cyprus should keep its purse strings tight and continue cleaning up its banks, taking advantage of an economic rebound and of a new mandate given by voters to President Nicos Anastasiades, the European Central Bank and Commission said on Friday.

“The ongoing strong recovery and the renewed reform mandate following the presidential elections provide a window of opportunity to reduce the key vulnerabilities of the Cypriot economy,” the institutions said in a joint statement after a “monitoring visit”.

“A continued prudent fiscal stance remains warranted given the still-high level of public debt and risks to the fiscal outlook,” they added. (Reporting by Francesco Canepa Editing by Alison Williams)

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