It is a fact that after the Eurogroup's [the finance ministers of the eurozone's] decision to impose a levy on uninsured deposits in Cyprus, a considerable disruption of the functioning of the country's economy occurred. Moreover, the negative external environment and the necessary fiscal adjustment are, unavoidably, having an adverse impact on economic activity in Cyprus.
My government’s priority is to address these challenges as thoroughly, as effectively and as promptly as possible. At the same time, my government is fully committed and determined to strictly implement the memorandum of understanding it agreed upon in November 2013 with the troika of the European Commission, the International Monetary Fund and the European Central Bank.
