Cyprus' public debt is about 120% of GDP, roughly on a par with Spain, Italy and Portugal. In contrast, the public debt of Romania, Switzerland and Dubai is below 50%. What do you think is the probability of another banking crisis in Cyprus?
Here is some projections from Ministry of finance shown below. The macroeconomic indicators although display a strenuous position in 2020, substantially due to COVID as big government grants were offered (and still are) to individuals and businesses affected by covid, the Credit rating agencies have maintained a positive outlook for Cyprus with an investment grade rating.
With regards to banking sector substantial amount of NPLs (non performing loans) have been sold by the banks to credit acquiring agencies and their balance sheets have been significantly decompressed and now (Q3 2021) displaying healthy ratios including strong capital and liquidity ratios.
So I would not say that banking sector is currently facing an imminent threat, but on the contrary they enjoy surplus liquidity that want to inject into the market.
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