Cyprus Economy Might Shrink 13% in 2013, Government Says
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Cyprus’s economy might contract as much as 13 percent this year under the weight of austerity measures and a restructuring of the country’s banks, the government spokesman said.
“The recession may not be 8.7 percent as is estimated; it may reach 13 percent,” Christos Stylianides said in comments carried on state-run CyBC today. Before Cyprus’s bailout, the European Commission forecast the economy would shrink 3.5 percent in 2013.