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Ukraine Must Remain A Top Priority, Cyprus Finance Minister Tells Ecofin

by THEFUTURE.TEAM

July 17, 2024

In a recent address to the Economic and Financial Affairs Council of the European Union (Ecofin), Cyprus’s Finance Minister Makis Keravnos emphasised the critical importance of maintaining robust support for Ukraine amidst ongoing Russian aggression. Speaking in Brussels on 16 July 2024, Keravnos underscored Cyprus’s unique perspective as a nation enduring prolonged occupation, drawing parallels to Ukraine’s plight.

Cyprus’s Endorsement of Continued Support

Keravnos reiterated the necessity for the European Union to prioritise assistance to Ukraine, a stance shared by his counterparts. This unwavering support is vital for countering the persistent threats posed by Russia and ensuring Ukraine’s resilience and stability.

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Hungarian Presidency’s Economic Priorities

The meeting also featured discussions led by the Hungarian Presidency, which outlined its economic and financial objectives until December 2024. These priorities include implementing a new economic governance framework, enhancing competitiveness, and advancing both the Capital Markets Union and the Banking Union. Keravnos expressed Cyprus’s commitment to cooperating constructively with these initiatives.

Recovery and Resilience Mechanism

A significant portion of the meeting was dedicated to approving amendments to the national recovery and resilience plans of several member states, including Cyprus. These modifications are essential for the continued implementation of the Recovery and Resilience Mechanism, a critical component of the EU’s strategy to bolster economic recovery post-pandemic.

Fiscal Policy and Economic Governance

During the Eurogroup meeting on 15 July, Keravnos and his colleagues adopted a joint communiqué on fiscal policy guidelines for 2025. The guidelines emphasise the need for a gradual and sustainable consolidation of public finances, highlighting the importance of reducing budget deficits and public debt. Keravnos stressed the need for prudent fiscal policies that consider current economic conditions and maintain investment levels to safeguard growth prospects.

Structural Reforms and Investment

Keravnos highlighted the importance of structural reforms and investments to improve the eurozone’s competitiveness. He acknowledged the new economic governance framework’s potential in achieving fiscal objectives by 2025, while also expressing concerns about maintaining investment levels after the Recovery and Resilience Mechanism ends in 2026.

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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.