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%).
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.
AI In Practice To Bring Business Leaders To Nicosia For Practical AI Conversations
AI in Practice: Changing the Future of Business will take place on Monday, 19 October 2026, at European University Cyprus in Nicosia, bringing founders, business owners, CEOs and senior executives together for an evening focused on practical conversations around artificial intelligence.
The event is organised by Panis.News in collaboration with GrantXpert Consulting and Future Skills Hub at European University Cyprus.
Rather than focusing only on which AI tool to buy, the evening will explore a more pressing question: what problem is AI meant to solve inside a business? The discussion will look at questions such as where teams lose time, where useful customer information is lost across disconnected systems, and where AI could help test new services or improve existing processes.
What To Expect
The programme will approach the subject from three directions: why AI matters, how business problems can become the starting point for AI adoption, and how leaders should think about the future of their companies.
Monica Odysseos, Head of the AI and Data Lab at Grant Thornton Cyprus, will open with a session on why business leaders should care about AI. Her presentation will explore how AI is changing the way people work, make decisions, and create, drawing on her background in software development, accounting and applied AI.
George Malekkos, CEO of POWERSOFT Computer Solutions and President of CITEA, will examine how business problems can become the starting point for AI adoption. His presentation will look at selecting useful applications, preparing teams and processes, and measuring results.
Paris Thomas, Executive Advisor on AI and Strategy of Fortune 500 companies, will deliver the keynote “AI and the Future of Business: Will Your Business Be Here in 2030?” His session will include live AI demonstrations and enterprise case studies, exploring how leaders can improve their current business while developing new opportunities and preparing for longer-term change.
Programme Highlights
The event will also include a welcome note from Cyprus Chief Scientist Demetris Skourides, followed later by a Q&A with the speakers. The conversation will continue over drinks and bites, with time for attendees to meet the speakers and connect with other participants.
Who Should Attend
The event is designed for business leaders responsible for their company’s next steps, including founders, business owners, CEOs, and senior executives. The focus is on helping them ask better questions about AI and consider where it could improve current operations, create new opportunities, and support longer-term change.
Date, Time And Venue
Date: Monday, 19 October 2026 Time: 18:00–22:30, Cyprus time Venue: European University Cyprus, Nicosia
Registration begins at 18:00, with the programme starting at 18:30.
How To Register
Exclusive to the Future Media readers, get 30% off ticket price with code: “voucher 30”.
The event is organised by Panis.News, in collaboration with GrantXpert Consulting and Future Skills Hub at European University Cyprus. Silver sponsors include Growth Hacking Cyprus, RSEVEN and Mel’s Digital. Supporters include Cyprus Computer Society, XValley Tech, Business Society Accelerator and Startup School Cyprus, while community partners include EIT Community Hub Cyprus, CYENS, Women in Tech, Startup Greece and ECECT.
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