Exports To Suffer From Developments in Cyprus

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The Panhellenic Federation of Exporters warned Greek exporters on Tuesday that they should expect to significant losses due to the adverse financial developments in Cyprus. In a report, the Federation said that Greek exports were pressured in 2012 with the value of exports falling below 1.0 billion Euros for the first time since 2007, falling 5.7 pct from 2011.

The report also revealed that 2012's fall evaporated all the gains recorded in Greek exports to Cyprus in the period 2007-2011, with the Cypriot market losing significant ground as a percentage of Greek exports to new EU member-states, to 56.2 percent.