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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Paphos Wins Two Awards For Long-Term Tourism Strategy

by THEFUTURE.TEAM

July 23, 2026

The Paphos regional tourism board, Etap Paphos, said on Tuesday that its “Paphos – Unleash Your Senses” campaign has secured two industry awards, underscoring the region’s long-term effort to strengthen its position as an international tourism destination.

Recognition For Strategy, Not Just Promotion

The campaign won gold at the Cyprus Tourism Awards 2025 in the Strategy & Innovation – Timeless Presence category and bronze at the Marketing Achievements Awards 2025 in Integrated Marketing.

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Etap Paphos said the honours reflect more than a successful promotional initiative. They also validate a broader collaborative model developed over the past seven years to support the region’s tourism growth.

A Public-private Model Built Over Seven Years

The strategy was designed around a shared long-term vision, bringing together public institutions and private-sector partners under a single destination marketing framework.

According to the board, it was the first organised effort in Cyprus to successfully align public authorities and private businesses behind one unified tourism strategy. That model, it said, has since become a reference point for how coordinated action can improve a destination’s competitiveness in international markets.

Partnership At The Core Of The Campaign

The success of the campaign was credited to the contributions of a broad network of partners and stakeholders, including the Paphos Regional Board of Tourism, the Cyprus Hotel Association’s Paphos district branch, Hermes Airports, Eurobank, participating hotels and other supporting organisations.

Special recognition was also given to AZTECH, the agency responsible for the campaign’s strategic planning and execution. The board said the agency’s expertise has been central to expanding and reinforcing Paphos’s international presence.

Why The Awards Matter

“These distinctions carry deep significance as they celebrate more than just a successful advertising campaign,” the tourism board said. It added that the awards highlight the value of sustained cooperation and shared objectives over short-term promotional activity.

The recognition comes as Paphos continues working to position itself as a year-round, modern, sustainable and smart tourism destination.

“Elevating the profile of Paphos as a year-round highly modern, sustainable and smart travel destination remains an ongoing effort that relies entirely on the continued commitment and contribution of all partners,” the board said.

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