Cyprus-Forum.com

[Demonax]

Good news from Cyprus: Q2 contraction only 1.4 percent

By Zsolt Darvas on 23rd August 2013

There was a great news in the Eurostat release of the GDP flash estimate for the second quarter of 2013, which was not much highlighted: the Cypriot economy contracted by only 1.4 percent, less than in the first quarter (1.7 percent contraction; see the table below). After the controversial deal for Cyprus was reached in late March 2013 and its banking system has largely collapsed, several commentators foresaw a dramatic contraction in GDP. I was also pessimistic. While I continue to think that the fundamental problems I highlighted are still there, also, the quarterly seasonally adjusted data can be revised significantly, this relatively modest contraction is great news. If the situation will not deteriorate much, the GDP assumption of the financial assistance programme (8.7 percent average contraction in 2013) may not prove to be optimistic, on the contrary, the annual average GDP contraction may even be smaller than what was assumed. Let’s keep fingers crossed.

http://www.bruegel.org/nc/blog/detail/a ... 4-percent/

[Cap]

Yes, we also heard horror speculations after the Mari explosion by so called 'European experts'

They estimated between 300 to 700 million euro to repair over the course of half a decade, some doomsdayers even went on to say decades.
In the end it was in the region of 165 million over nearly exactly 2 years for full repair and an additional unit 5.

[Get Real!]

Yes, we also heard horror speculations after the Mari explosion by so called 'European experts'

They estimated between 300 to 700 million euro to repair over the course of half a decade, some doomsdayers even went on to say decades.
In the end it was in the region of 165 million over nearly exactly 2 years for full repair and an additional unit 5.

Ok, but you forgot to include the “experts” fee which together with the 165 million comes to 700 million!