Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-20-Speech-2-336"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20100420.12.2-336"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"I had understood it was until 8 p.m., but, as I have already said, you have the chair and it is up to you to decide what I should do, so I shall continue.
The financial crisis which has also evolved into a macro-economic crisis has been the worst in post-Second World War history in terms of both magnitude and global coverage. The crisis took a heavy toll on the global economy, including the EU and the euro area countries. As such, it unavoidably affected Cyprus, a very small, open economy.
According to provisional estimates released by the Cypriot Statistical Service, the gross domestic product of Cyprus appears to have contracted by 1.7% in real terms in 2009. This is the first time economic activity in Cyprus recorded a negative growth rate over the last 35 years.
These unfavourable economic conditions, coupled with the fading-out of the asset boom and an expansionary fiscal policy partly due to measures adopted within the framework of the European Economic Recovery Plan, led to a deterioration of the public finances. According to the latest notification of GDP-related data from the Cypriot authorities transmitted in March 2010 and currently under validation by Eurostat, the general government balance reached a deficit of 6.1% of GDP and the general government gross debt attained 56.25% of GDP in 2009.
The Stability and Growth Pact requires the Commission to prepare a report whenever an actual or planned deficit of a Member State exceeds 3% of GDP reference value. Currently, the Commission is in the process of preparing such a report for Cyprus. Once the report is ready, it will be presented to the Council, which should decide whether the deficit is excessive. If the Council concludes this is the case, it would make recommendations to Cyprus and would establish deadlines for effective corrective action to be taken.
In the meantime, the Cypriot Government has also sent its updated stability programme. The programme spells out the medium-term budgetary strategy until 2013. Currently, the Commission is in the process of assessing the update and preparing its recommendation for a Council opinion on the programme."@en1
|
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples