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European Commission Approves Targeted Review Of Cyprus Recovery Plan

by THEFUTURE.TEAM

July 3, 2024

The European Commission has endorsed a request from Cyprus for a targeted review of its Recovery and Resilience Plan (RRP). Submitted on 25 June 2024, the request focuses on adjustments to two milestones of the second payment request and anticipates the third payment request. The proposed amendments are narrow and technical, aimed at refining the plan’s implementation.

The Cyprus RRP, valued at €1.2 billion, comprises €1.02 billion in grants and €200 million in loans. It encompasses 282 milestones and targets, which include 61 reforms and 75 investments. This approval signifies the Commission’s ongoing support for Cyprus’ efforts to bolster its economy post-pandemic.

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Strategic Implications for Cyprus

The approval for a targeted review underscores the EU’s flexibility in accommodating member states’ evolving economic landscapes. Cyprus’ ability to revise its RRP demonstrates the adaptive nature of the EU’s economic recovery framework. This review is pivotal for Cyprus, enabling it to align its recovery initiatives more closely with current economic realities and future aspirations.

Focus on Milestones and Investments

The RRP’s extensive scope, with 282 milestones, reflects a comprehensive approach to economic reform and investment. The milestones cover a broad spectrum of sectors, ensuring that the recovery plan addresses immediate economic challenges and long-term growth. By refining these milestones, Cyprus aims to enhance the efficiency and impact of its recovery efforts.

Economic Significance

Cyprus’ RRP is a cornerstone of its economic strategy, providing essential funding for reforms and investments crucial for sustainable growth. The €1.2 billion allocation supports diverse sectors, from digital transformation to green energy initiatives, promoting a resilient and forward-looking economy. The Commission’s approval for targeted adjustments ensures that the plan remains relevant and effective in a dynamic economic environment.

Looking Ahead

The Council has a four-week period to adopt the Commission’s proposal for the targeted revision. This period will be critical for Cyprus to finalise its revised strategies and ensure that the adjustments are seamlessly integrated into the broader RRP framework. Successful implementation of these revisions will be instrumental in achieving the plan’s ambitious goals.

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Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

August 21, 2026

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

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Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.