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Next Previous Marios Clerides: The Cypriot economy is a seven-souled cat HOME • INSIDER • CYPRUS • Marios Clerides: The Cypriot economy is a seven-souled cat
Global economies are terribly interdependent, economist Marios Clerides told ACTIVE, explaining that sanctions on Russia are causing a global recession.
“A new order of things is being created and it is questionable whether Europe's political approach will change. Because free economies said you buy from the cheapest, you work together and this interdependence also helped keep the peace. “This is probably not the case now, even in conditions of war and the existence of authoritarian leaders,” he explained.
“Europe has shown a solid face in the issue of sanctions, when the time for relaxation comes, it will be that we will have quarrels”, estimates Mr. & nbsp; Clerides. What we are facing, he noted, is not traditional inflation, which creates a tendency for prices to rise, but an emergency shock caused by the disruption of the supply chain. Otherwise, the European Central Bank will be led to leave the quantitative easing. The blow has an impact on households and agriculture.
With a seven-souled cat, Mr. Clerides likened the Cypriot economy. “She gets hits and she finds ways and she is flexible in finding new markets. “It will certainly hurt this time as well, as the money we received from services to Russian oligarchs, auditors, law firms, tourism will have losses, we just do not know for how long,” he said.
” “The agreement between RCB and Hellenic Bank, helped to avoid reefs, is in the right direction, as RCB ensures its liquidity and operation and at the same time gets rid of the excess liquidity that Hellenic Bank had”, concluded & nbsp; Mr. & nbsp; Κληρίδης.
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