A shorter recession than initially predicted is expected by Cyprus lenders, according to Cypriot FinMin Haris Georgiadis, stating that he is absolutely delighted on the fourth assessment of the economy by the troika.

Mr. Georgiadis stated that progress in key sectors of the economy has been confirmed, such as reform, consolidation of the financial sector and controlling financials, and added that the forecast for positive growth in 2015 remains constant.

He also stated that this year’s recession will be 4.2% instead of 4.8%, as stipulated by original analyses.

As far as non-performing loans he noted that there are no changes in scheduling.