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According to the European Commission’s report on the economies of Eurozone states, published on April 10, Malta is not facing an immediate risk of a banking crisis similar to the one that struck Cyprus](3587751).
“The property market’s rapid development and its dependence on large bank loans seem to be the main concern,” writes the Times of Malta.
However, the daily also points out that the Commission figures indicate —
Government debt amounted to 70.4 per cent of GDP in 2011, up from 60.9 per cent when Malta adopted the euro in 2008. While commending the progress made in past years to lower the country’s deficit, the Commission reiterates the need for rapid reforms in the healthcare and pension sectors as these are putting the long-term sustainability of Malta’s public finances at risks.
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