Cyprus on track, but paying down debt may hamper growth for a decade -IMF

(Reuters) – Cyprus’s efforts to extricate itself from its massive debt could weigh on output for the next decade, the IMF warned on Monday, in a review in which it said the island was well on track in its economic adjustment program. The Mediterranean island nation is following a three-year austerity program after it almost went bankrupt in March. The International Monetary Fund and the European Union have provided it with 10 billion euros in aid. In its second progress review, the IMF said the program was on track and Cyprus’s recession, although severe, was shallower than expected.


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