Article: Paphos, Cyprus, 1.4m euros.(Features)

CYPRUS seems to be defying the credit crunch with a 30% rise in cash deposits during the first quarter of 2009, showing investors are confident in the economy.

This has helped to boost the property market with increasing interest from foreign investors. The Cyprus finance minister, Charliaos Stavrakis, says: "Cash deposits by investors in Cypriot banks rose by 30% in the first quarter of 2009, as compared to the first quarter of 2008. This means that investors have confidence in our economy and they are directing funds to Cyprus."

The International Monetary Fund has just released its latest forecasts for the global economy and there was only one country ...

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