You are here

Debt rises to €19.35 billion

28/07/2017 09:15
Cyprus` public debt in the second quarter of 2017 amounted to €19.35 billion, Cyprus Public Debt Management Office (PDMO) said on Thursday.

According to data released by the PDMO, Cyprus’ debt marked an increase of €222 million or 1.16% compared with the previous quarter.

The rise in Cyprus’ debt is mainly attributed to the increase in the stock of EMTN bonds which rose by €304 million reaching €4.5 billion.

Compared with the second quarter of 2016, Cyprus’ debt rose by €633 million or 3.4% reflecting the bond of €1 billion issued in July 2016 which has been used to roll over debt and increase the island’s cash buffers.

The debt in domestic bonds amounted to €1.27 billion, down by €96 million compared with the previous quarter.

Total debt in loans both domestic and foreign amounted to €12.7 billion.

Cyprus’ biggest lender remains the European Stability Mechanism holding 32.5% of the island’s total debt. The loan was concluded in 2013 in the context of Cyprus’ bailout.

Bonds issued in the international capital markets amounted to 23.3% of total debt, while Russia with a bilateral loan of 2.5 billion, that expires in 2021, holds 13% of the island’s debt.