Finance Minister Keravnos Addresses Public Sector Concerns Amid IMF Recommendations

In a recent statement, Cyprus’s Finance Minister Makis Keravnos reassured public sector employees following recommendations from the International Monetary Fund (IMF). Speaking to Philenews, Keravnos emphasised that there is no immediate cause for concern regarding job security or wages for public sector workers, aiming to alleviate anxieties sparked by the IMF’s review.

IMF Recommendations: A Double-Edged Sword

The IMF’s review, while recognising Cyprus’s economic recovery and growth prospects, highlighted the need for structural reforms, including those related to the public sector. The recommendations included calls for greater fiscal discipline, enhanced efficiency, and potential rationalisation of public sector employment and wages. These suggestions are part of the broader effort to ensure long-term economic stability and resilience.

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However, such recommendations often evoke apprehension among public sector employees, who fear potential job cuts, wage freezes, or other austerity measures. The public sector in Cyprus, being a significant employer, plays a crucial role in the island’s socio-economic fabric, making any proposed changes particularly sensitive.

Keravnos’s Reassurances

In his address, Minister Keravnos sought to calm these fears. He emphasised that the government acknowledges the importance of the public sector and its contribution to the economy and society. Keravnos assured public employees that the government’s approach would be measured and considerate, aiming to balance fiscal responsibility with the need to maintain public sector stability and morale.

Keravnos highlighted that while the IMF’s recommendations are valuable, they are advisory and will be adapted to fit Cyprus’s unique context and needs. He underscored that any reforms undertaken would not be abrupt or unilaterally imposed but would involve dialogue and consultation with all stakeholders, including public sector unions and employees.

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Banks Required To Refund Unauthorized Transactions Immediately, Confirms EU Prosecutor

by THEFUTURE.TEAM

March 7, 2026

Introduction

Advocate General Athanasios Rantos of the Court of Justice of the European Union stated that banks must refund customers without delay for unauthorized transactions, even when the client may have acted with gross negligence. The opinion clarifies how European legislation should be applied in cases involving payment fraud.

Case Overview

The case concerns a Polish bank customer who became the victim of a phishing attack. A fraudster posed as a buyer on an online auction platform and sent the customer a link that closely resembled the bank’s official website. After entering her login credentials, the customer unintentionally gave the attacker access to her account. The fraudster subsequently carried out unauthorized transactions.

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The bank refused to reimburse the funds, arguing that the client had demonstrated gross negligence by entering her banking details on the fraudulent website. The dispute was later brought before the Polish courts.

Legal Implications

The Polish national court asked the Court of Justice of the European Union to clarify whether European law requires banks to refund unauthorized payments immediately, even when the customer may have acted negligently.

Advocate General Rantos stated that EU legislation requires banks to restore the funds without delay unless the institution has reasonable grounds to suspect fraud and has formally reported the matter to the competent authorities. The opinion also explains that an immediate refund does not prevent the bank from later seeking compensation if it can prove that the customer failed to comply with their obligations under payment services regulations.

Consumer Protection And Regulatory Outlook

European payment legislation places strong emphasis on protecting consumers from financial fraud. The regulatory framework aims to ensure that users of payment services receive prompt reimbursement when unauthorized transactions occur. Banks may still investigate individual cases and pursue legal action if they believe the customer breached their responsibilities under payment service rules.

Conclusion

The Court of Justice of the European Union will now consider the Advocate General’s opinion before issuing its final ruling. Such decisions are often influential in shaping the interpretation of EU law. A ruling in line with the opinion could have significant implications for banks across the European Union and for how financial institutions handle reimbursement claims in cases of payment fraud.

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