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Cyprus Sees Slight Gains In International Investment Position As Current Account Deficit Narrows

Cyprus’ international investment position (IIP) showed modest improvement in the third quarter of 2024, with the net liability position narrowing to €27,789.1 million, compared to €27,875.8 million in the previous quarter. These provisional figures, released by the Central Bank of Cyprus’ Statistics Department, offer insight into the country’s external economic dynamics during this period.

Adjusted IIP Reflects SPE Exclusions

When adjusted to exclude the impact of Special Purpose Entities (SPEs) — which are treated as non-residents for statistical purposes — the IIP revealed a more significant improvement. The adjusted net liability position dropped to €9,945.9 million in Q3 2024 from €10,010.2 million in Q2 2024, underscoring a positive trend.

Current Account Deficit Contracts

Preliminary balance of payments data highlighted a substantial reduction in Cyprus’ current account deficit. The deficit shrank from €369.4 million in Q3 2023 to just €29.6 million in Q3 2024, marking a notable year-on-year improvement.

After adjusting for SPEs, the current account deficit stood at €108.2 million in Q3 2024, a significant reduction from €351.6 million in the same quarter of the previous year. This adjustment reflects a clearer picture of the underlying economic performance, excluding the disproportionate influence of SPEs.

External Debt Insights

Gross external debt fell slightly to €261,534 million in Q3 2024, down from €262,098.6 million in the preceding quarter. However, external assets in debt instruments decreased more sharply, falling to €243,834 million from €249,665.7 million in Q2 2024. As a result, Cyprus’ net external debt climbed by €5,267.1 million, reaching €17,700 million.

When factoring out SPEs, gross external debt was significantly lower, at €59,257 million in Q3 2024, down from €61,077.4 million in Q2. Correspondingly, the net external debt adjusted for SPEs dropped to -€20,789.7 million, compared to -€19,239.7 million in the previous quarter.

Cloudflare Sets New Default To Separate Search Crawlers From AI Bots

Cloudflare has drawn a sharper line between traditional search and artificial intelligence.

Beginning September 15, 2026, the company will change its default settings to block so-called mixed-use crawlers from pages that run ads, unless a site owner chooses otherwise. The policy applies to new Cloudflare customers, new sites created by existing customers, and all current free customers.

A Clearer Divide In Web Access

The shift could materially reshape how AI companies collect web data for model training and agentic products. Cloudflare’s central argument is straightforward: most publishers want their content to remain visible in search and accessible through certain AI services, but they do not want that same material repurposed without compensation.

In Cloudflare’s view, the problem is not crawling itself. It is the blending of three different functions: search, agentic use, and training into a single bot that makes it difficult for website owners to set meaningful boundaries.

The Google Question

Cloudflare pointedly referenced the “world’s largest search engine,” an unmistakable nod to Google, arguing that it has access to roughly twice as much information as rival AI companies because it makes it harder for customers to stay discoverable without also being used for AI.

Google has disputed that framing. The company offers Google Extended, a crawler setting that lets publishers opt out of having content used for training and AI products such as Gemini apps and Vertex AI, without affecting visibility in Google Search. At the same time, Googlebot still crawls for Search and for AI-powered features such as AI Overviews and AI Mode.

Publishers Want Reach, Not Exploitation

Matthew Prince, Cloudflare’s co-founder and chief executive, said the company is moving quickly because the internet is now dominated by machine traffic.

“Now that the majority of traffic on the Internet is non-human, we must go further and act faster so that a sustainable ecosystem can emerge,” Prince said, referring to the recent milestone in which bots surpassed human traffic online sooner than expected.

Prince added that Cloudflare’s tools and partnerships are designed to give publishers more visibility and commercial leverage, while also rewarding AI companies that are transparent about how they use content.

From Pay Per Crawl To Pay Per Use

Cloudflare has increasingly positioned itself as a gatekeeper for publishers looking to assert control in the AI era. The company already offers tools to block AI bots, along with a marketplace called Pay Per Crawl, which lets websites charge AI systems for scraping.

That framework is now expanding into Pay Per Use, which Cloudflare says will allow publishers to charge AI companies when content creates value, not merely when it is fetched. In practical terms, that shifts the economics from extraction to monetization.

Cloudflare says the move may also reduce waste. Its data suggests more than half of crawl traffic from AI bots is spent revisiting pages that have not changed, consuming bandwidth and compute without adding fresh value for either side.

Early Partners Signal The Commercial Model

To launch the new system, Cloudflare is working with Ceramic.ai and You.com. Under the opt-in model, publishers can be paid when their content appears in Ceramic’s AI search results or when You.com accesses premium material.

Cloudflare says other AI companies can adapt the model to fit their own products. The broader message is clear: the era of unrestricted crawling is giving way to one in which access, attribution, and compensation are increasingly negotiated rather than assumed.

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