In the immediate years after the Cyprus financial crisis of 2012/2013 there was a compelling need to stabilise government finances with austerity and banks with credit restraint, however, such policies have been relentlessly continued.
Until this day the government has persisted in imposing austerity by exercising tight control over development and social expenditures in order to generate its much- trumpeted budget surpluses.
And Cyprus banks continue to be deficient in
