Cyprus Summer Season Underway and Looking Up 2015-05-23 BY PHIL BUTLER

On the broader front, having agreed to a €10 billion
euro bailout programme from the Troika of
international lenders (European Commission, European
Central Bank, IMF) in 2013, Cyprus floated a €750
million euro bond issue for the first time, to roll over
its current debt and lower the cost of state borrowing.
Passage of a package of measures to level out the
runaway non-performing loans at commercial banks,

The incomparable seaside on Cyprus – via Pixabay
According to the Cyprus Tourism Organisation (CTO)
and the Cyprus Hotel Association (CHA), this year’s
summer tourism season outlook is very positive.
The Cyprus Mail reported last week that among the
top concerns for Cyprus officials is the reduction of
loss for Russian tourists, due to the conflict in Ukraine.
Also key for Cyprus this year was the expansion of the
market to include increases in French, Polish, Israeli,
and Arabic visitor's.
In a meeting of the board of the CHA, Chairman of the
Board of CTO Angelos Loizou commented;

AMATHUS HOTEL
AMATHUS HOTEL on Cyprus
For the would-be traveller to Cyprus, the overall
climate of travel presents a good number of deals for
short term or extended vacationing on the island. A
spot check direct for the luxury resort revealed a price
of € 1.897,00 for one week for two adults and one
child at Amathus in Limassol (image above). Of course
there are a wide range of accommodations and
packages available from many sources. We suggest
the reader consult the official Visit Cyprus portal, to
learn more.

Last month the Farmagusta Gazette reported tourist
arrivals for April at an increase of 11.3% over the
previous year’s figures. Overall Q1 of 2015 compared
to 2014 revealed an increase of 13.7% for the first
third of the year. Quoting the Statistical Service of the
Republic of Cyprus, the bad news is that Cyprus has
already lost 22.5% or more in tourism flows from
Russia (25.149 in April 2015 compared to 32.430 in
April 2014). To offset this, apparently Tourism Minister
George Lakkotrypis’ has figures that suggest inbound
tourists from Germany and elsewhere have patched
the hole in Cyprus’ tourism woes. Speaking at the
opening of the Travel Fair 2015, adding that compared
to last year, there is an increase in arrivals of 16%
overall, while a decrease of 4.4% in arrivals from
Russia has been registered.

Nicos Anastasiades, President of Cyprus
On the broader front, having agreed to a €10 billion
euro bailout programme from the Troika of
international lenders (European Commission, European
Central Bank, IMF) in 2013, Cyprus floated a €750
million euro bond issue for the first time, to roll over
its current debt and lower the cost of state borrowing.
Passage of a package of measures to level out the
runaway non-performing loans at commercial banks,
have also helped remedy the country’s insolvency
woes too. News President Nicos Anastasiades (below)
and Turkish Cypriot counterpart Mustafa Akinci have
fostered positive movement toward the re-unification
of the Island have the investment world a buzz. A big
part of Cyprus’ ongoing touristic curtailment has been
the loss of fabulous resorts to the North of the island
such as Varosha, which is a veritable ghost town of
crumbling luxury resorts. A reunification of Cyprus, for
many experts, would be a travel and tourism boom if
the cards are played correctly.

For those unfamiliar, Cyprus relies heavily on tourism,
financial services and shipping as the most significant
economic sectors. Even with the recent Eurozone
woes, the country maintains one of the highest per
capita GDP’s in Europe. The discovery of offshore
natural gas reserves, the hint of a reunification, and
other positive tourism sector news says a lot about
Cyprus’ future. A resolution to the Ukraine crisis, the
potential of the so-called “Turkey Stream” gas pipeline
project looping Greece, Turkey, and Russia together,
also bears watching.