Cyprus Achieves Largest Debt Reduction in Eurozone

by THEFUTURE.TEAM

October 23, 2024

Cyprus made significant strides in reducing its government debt, with the debt-to-GDP ratio falling to 70.5% by the end of the second quarter of 2024, according to Eurostat. This represents the largest decrease in the eurozone, with a 2.1% drop from Q1 2024 and a notable 10% reduction from Q2 2023.

In contrast, both the eurozone and the EU saw slight increases in their debt-to-GDP ratios. The eurozone’s ratio increased to 88.1% (up from 87.8% in Q1 2024), and the EU’s rose to 81.5% (up from 81.3%).

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Despite Cyprus’ success, some countries continue to struggle with high debt levels. Greece and Italy recorded the highest ratios at 163.6% and 137.0%, respectively. Meanwhile, Bulgaria and Estonia maintained the lowest ratios at 22.1% and 23.8%.

The eurozone’s government debt is largely composed of debt securities, accounting for 84% of the total, while intergovernmental lending made up 1.5% of GDP.

Cyprus’ impressive debt reduction stands in contrast to the increases seen in countries such as Finland and Austria, demonstrating the country’s effective fiscal management amid global economic pressures.

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Cyprus Launches Survey To Shape New Cybersecurity Startup Funding Programme

by THEFUTURE.TEAM

June 24, 2026

The Cyprus Chamber of Commerce and Industry (Keve) has informed businesses about a new survey launched by the Digital Security Authority (DSA) to assess the needs of cybersecurity startups ahead of a planned funding programme.

Industry Consultation Begins Before Funding Rollout

Launched by the DSA in its capacity as Cyprus’ National Cybersecurity Coordination Centre (NCC-CY), the survey aims to gather information on the challenges, priorities and development needs of startups operating in the cybersecurity sector.

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Its findings will help shape a future grant scheme while providing authorities with a clearer understanding of the needs of companies active in the industry.

Grant Scheme Tied To European Cybersecurity Objectives

Implementation of the support programme will take place through the European N4CY2 project and is aligned with Regulation (EU) 2021/887, which focuses on strengthening cybersecurity capabilities, resilience and innovation across the European Union.

According to the DSA, feedback collected through the survey will contribute to the development of funding measures aimed at supporting the growth of cybersecurity startups.

Why Startup Participation Matters

Keve encouraged startups and other stakeholders to participate in the consultation process, noting that their input can help ensure future support measures reflect the realities and challenges faced by the sector.

Areas covered by the questionnaire include business development, innovation, operational challenges and future growth opportunities within the cybersecurity ecosystem.

Through direct feedback from market participants, the DSA aims to design a funding programme that is better aligned with the needs of emerging cybersecurity companies.

Survey Open Until June 26

Eligible businesses are being encouraged to complete the questionnaire and contribute to the consultation process before the scheme is launched. Responses will be accepted until June 26, 2026.

The chamber said the information submitted will be used exclusively for the design of the grant scheme and will be handled under strict confidentiality. Businesses interested in participating can access the questionnaire here.

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