Gold Magazine January - February 2014, Issue 34 | Page 56

OPINION

The

Outlook
for the Cyprus
Economy
Slow recovery predicted
during 2014

T

By Persella Ioannides

he March 2013 EU
bailout terms for Cyprus were a reminder
of the need for businesses to geographically diversify revenue streams and
exposure tied to their
local economic environment. With this
in mind, MeritKapital applied to operate a
branch in the Latvian capital, Riga,under
the single passport directive and CySEC
recently approved its application.
Latvia went through its own banking
crisis in 2008, when it received a €7.5
billion bailout from the IMF and the
EU. It has