EU crisis: Brussels panics as Cyprus chief demands more work to curb economic shock

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Cyprus Finance Minister Constantinos Petrides demanded more economic intervention from the European Union as countries relax coronavirus measures. While speaking on EuroNews, Mr Petrides insisted it was important countries economies recovered evenly. He added more tools should be utilised to prevent inequalities in recovery between members states.

Mr Petrides said: “With the lift of the restrictions, because of our success to contain the virus, we are proceeding to the next phase.

“I wouldn’t estimate the bad scenario of a recession, but it is a metric shock for Europe.

“The EU needs to ensure this metric shock does not turn out to be an asymmetric recovery.

Mr Petrides argued the EU needed more instruments to ensure a balanced recovery across member states.

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He continued: “In order to phase that in an effective way we need European instruments.

“We need more European instruments and other interventions from the European Central bank are welcome.

“We need to take advantage of all the tools offered in our economic policy.”

Mr Petrides added he believed the recovery strategy should be based on grants rather than financing.

He added: “It is very important to proceed with the proposals of the European Commission.

“This is regarding the recovery plan and the establishment of the recovery fund.

“Our position is that it should be based on grants rather than financing and I hope we will move quickly.

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“We need the financing needs of the countries properly addressed.

“We also need to take into consideration we would have to help sectors and areas that have been hit by a greater extent in this crisis.”

Mr Petrides also claimed the tourism industry could bounce back quickly in Cyprus due to the countries handling of coronavirus.

He argued it still remains a safe destination for European travelers to holiday to despite the fears surrounding coronavirus.

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