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Cyprus Property Investment News
Bright future for Cyprus and Malta
Property in Cyprus and Malta looks an increasingly safe bet, with financial analysts enthusiastic about their economic prospects.
Following last week's European Commission announcement that the two will adopt the euro in January 2008, (provided they continue to meet certain criteria), the future prosperity of the Cypriot and Maltese economies has been safeguarded.
Tristan Cooper, vice president and senior analyst at financial ratings company Moody's, said that joining the eurozone had improved the security of investment in the two nations.
"Moody's views the eventual adoption of the euro by these two countries as a credit positive because it will all but eliminate the risk of a currency crisis and thereby isolate their economies from external financial shocks."
He added that the two nations had shown impressive economic resilience: "In recent years, both countries have successfully implemented a programme of fiscal consolidation that has narrowed their fiscal deficits and reversed the previous upward trend in their public debt burdens."
The European Parliament and EU finance ministers will meet in July to finalise the European Commission recommendations.
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