Finance Minister of Cyprus - Harris Georgiades

When Harris Georgiades became Finance Minister of Cyprus a year ago some said he had been handed poisoned chalice. He has had to preside over tough austerity measures that are driving poverty levels in the country. The economy is shrinking, unemployment will perhaps reach 20% this year and wages are being slashed. These were the tough conditions of a 10 billion Euro bailout granted last year with the Troika of the European Central Bank, the EU and the IMF to avoid a collapse of the banking system in Cyprus. So why then does the Finance Minister believe that the economy is proving more resilient than expected? Is he being too optimistic?

Picture: Harris Georgiades, Credit: AP Photo/Petros Karadjias

Release date:

24 minutes

Last on

Fri 24 Jan 2014 20:06 GMT