Cyprus broadcasting live on CNBC’s “Cyprus Live” network on Sunday, March 13, was the first time the island nation had aired an actual live broadcast since its collapse in 2008.
Cyprus’s government, which was founded by a Turkish-Greek consortium in 1974, is one of the wealthiest in the world, but its finances have been plagued by debt, and its economy has struggled with the collapse in oil prices, with its oil production and export sectors being decimated.
The country’s broadcasting and telecommunications companies, which operate out of the island’s capital, Nicosia, have been forced to shut down or restructure, and the government has made several attempts to bring some semblance of economic recovery to the island, but there has been little progress.
The Cyprus Broadcasting network, which airs on CTS, the state-owned company that runs the broadcaster, said the live broadcast was part of its coverage of the Cyprus crisis.
The broadcast was the result of an ongoing negotiation between Cyprus and CTS.
It’s the first live broadcast for Cyprus since the fall of the Cypriot government, said Cyprus Broadcasting’s head of programming, Dr. Diosdas Sisakas.
The broadcast began with the announcement that the island had been declared bankrupt, but it soon became apparent that the situation had been worsened by a series of crises.
The announcement of the country’s bankruptcy, announced by Cypriots Prime Minister Nikos Kotzias in March, sparked the worst economic crisis in the country since the 1990s.
The country has been plunged into deep economic depression and has been struggling with unemployment at a high level.
Since then, Cyprios has been unable to pay its bills.
The government, whose budget deficit stands at 4.7 percent of GDP, has been forced by creditors to make concessions on wages, pensions and other spending, but the country has not yet received the necessary bailout funds to pay them back.
On March 8, the Cyriot government announced a new austerity program that included the removal of tax breaks, layoffs, and a reduction in the retirement age.
The changes are expected to save the government nearly $500 million in the coming months.
Meanwhile, Cyprus has faced a deepening economic crisis since the collapse of the Turkish Cypriotic Investment Fund (TIKF), which had been a major source of private investment in the island.
In September, the country began shutting down the TIKF and has yet to fully return its assets.
Since the collapse, Cyrios has had to rely on private investment, including private sector investments from Turkey, in order to meet its financial obligations.
According to Sisaka, this has caused the island to lose some of its competitiveness, which has also hurt its tourism industry.
According to Sisuakas, the Cyprus Broadcasting broadcast was “the first live-broadcast of Cyprus since March 8th,” which was followed by a statement from the government about the financial crisis, as well as a speech by Cyriots President Nicos Anastasiades.
According a statement released by the Cyprus broadcasting company, the government’s announcement “took place with the approval of Cypriotes President Nicouas Kotzis, and with the agreement of Cyprus Central Bank (Cyprus Central Bank) and the State Bank of Cyprus.”
“It’s a good start,” said the head of the state broadcaster.
“Cypriots government and the prime minister, both of whom are Turkish, are showing great confidence in their country’s economy.”