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Tagsemployers and industrialists federation
BOC’s restructuring must be a priority, top businessmen say
THE BANK of Cyprus’ survival must be secured so that the economy and the financial sector can have a future despite the gloomy forecasts, the chairman of the employers and industrialists federation (OEV) said yesterday. Speaking at OEV’s annual general meeting, Philios Zachariades said that the deterioration of economic indicators has been the most dramatic the island has known during a time of peace.Cyprus’ GDP is expected to contract by 8.7 per cent this year. Borrowing rates for businesses and the price of electricity remain “prohibitively high,” Zachariades said while unemployment continues edging closer to an unprecedented 15 per cent, “testing the limits of society and the state... 3 comments
