On 1 July, Cyprus is taking up the Denmark’s presidency of the European Union for the second half of 2012. The biggest challenge remains the same - tackling the eurozone’s sovereign debt crisis. In this aspect, Cyprus has a very specific position, since the country has already become the fifth country officially seeking financial assistance from the EU and IMF. Country’s banking system has been severely hit by Greek crisis and together with the lack of competitiveness the country has been struggling for its survival.

But debt crisis is only one part of a lengthy agenda for the second half of 2012. Cyprus wants to focus on restoring economic growth. This has been backed strongly by the whole EU during this week’s summit by setting additional 120 bn euros for fast-acting growth measures. The question of the Multiannual Financial Framework 2014 – 2020 remains on the table as well. Finally, country wants to establish a single digital market as a part of business-friendly measures that could help accelerate growth and thus lower unemployment.

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