Party reactions to the new economic downturn

These were some of the words of the Chairman of the Parliamentary Committee on Finance, Nikola Papadopoulos, who added that if there is no plan, "the responsibilities of those who leave us at the mercy of the Mechanism are irrevocable."

In statements to Parliament, Mr. Papadopoulos said that today the rating agency Fitch has downgraded the Cypriot economy.

"It is the last house that was left that did not classify us in the category of garbage. At the moment, all rating agencies seem to believe that the Cypriot economy is facing serious structural problems. It faces many sustainability problems and all the companies have decided that we are in the category of increased investment risk or otherwise as it is called in the category of garbage. "It is a very worrying development which is coming at a very critical turning point for the Cypriot economy," he added.

Mr. Papadopoulos said that in the last year, due to the Fitch rating, the Government could borrow despite its financial needs in the form of short-term debt, ie it could borrow with quarterly, semi-annual bonds due to the Fitch rating.

"This possibility is no longer offered either. At the moment we are at the mercy of either our European partners or any other third country that lends us grants, because we can no longer enter international markets at all. "I hope that there is a real plan on the part of the Government, because if there is no plan at the moment, the responsibilities of those who leave us at the mercy of the Mechanism are irrevocable," he concluded.