As mentioned in the report, the assessment of Cyprus is a result of the balancing of one of its institutional strengths reflected in per capita GDP and governance ratings rated "A" instead of "BBB" and the history of strong economic recovery and sound fiscal policy before COVID-19 shock, and on the other hand with the weaknesses of the balance sheet, in particular the further increase of the high public debt and the reduced Non-Performing Loans (NPLs) which, however, continue to increase in the banking sector.

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The combination of COVID-19 and a failure to secure a post-Brexit trade deal with the European Union could cost the United Kingdom around 134 billion pounds ($174 billion) each year in lost GDP for a decade, research by law firm Baker & McKenzie showed.

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The euro zone’s economic recovery faltered in September with growing evidence, sectors and countries in the bloc are diverging as a resurgence of the coronavirus forces the reimposition of restrictions on activity.

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Following negotiations between Cyprus and Russia on 10 August 2020, the two countries have agreed on an amendment of the double taxation treaty between the two countries.

According to the agreement reached, the existing Withholding Tax rates on dividend and interest payments made from Russia to Cyprus will increase to 15%.

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EU leaders have struck a deal on a landmark coronavirus recovery package that will involve the European Commission undertaking massive borrowing on the capital markets for the first time.

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