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Cyprus economy to fall 13 percent, EU says

02.09.13 @ 17:34

  1. By EUOBSERVER

The Cypriot economy is expected to contract by 13 percent in 2013-14 and will remain in recession until 2015, according to a draft report by the European Commission. The leaked paper praises the "determination" of the Cypriot government in adopting economic reforms but warns that "downside risks remain substantial."