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"Get on with it," Ireland tells Cyprus

Tuesday, September 11, 2012

 

"Get on with it." That is the message that Ireland had to Cyprus this week.

Struck down by economic recession, the island's property market has been struggling to recovery, with Cyprus property sales falling to all-time lows. Ireland, of course, has already been through its own crisis, receiving an €85 billion bailout to help it climb back up from rock bottom. And now the country is sharing its experience and advice with Cyprus.

"In a nutshell, the property bubble was fuelled by an unregulated, irresponsible banking sector," Minister of State for European Affairs Lucinda Creighton explained. "Obviously government policy contributed to that but the nub of the issue is we had an enormous property crash which brought the whole economy crashing down with it."

But two years after its bailout, the economy is finding its own feet again.

"The economy is basically growing once again," said Creighton. "We've effectively emerged from recession. The economy grew by over 1.0 per cent last year, so by and large it's a good news story, though that's not in any way to take away from the huge sacrifices that the Irish people have had to make."

What can Cyprus learn from Ireland?

"To get on with it, to be resolute and to be honest about the scale of the crisis," concluded Creighton. "Every other country, Spain, Cyprus, should try to avoid the mistake we made."

(via Cyprus Mail)

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