Although the Cyprus economy is recovering it is still fragile and it needs to implement key reforms in order to unlock its potential, including the enforcement of property rights, European Commissioner Pierre Moscovici has said, CyprusNews reported. Speaking to a group of Cypriot journalists attending a seminar in Brussels on “Single Market: Tax Justice and Tax Fair Competition”, Moscovici also referred to Greece, noting that the commission’s wish is to strike a deal by the end of the year in relation to the Greek debt “with IMF on board”. Referring to Cyprus the commissioner pointed out that the key issues remain its level of private debt and non-performing loans. The high private debt weighs on consumption and on the ability of businesses to invest and grow, he said. “It is one of the reasons why Cypriot banks are burdened with the highest level of non-performing loans in Europe,” he explained.
