Since 2016, it follows a downward trend with the exception of the second half of 2018, due to the fiscal impact of the measures related to the Cyprus Cooperative Bank, and in 2020 due to the outbreak of the pandemic. The public debt-to-GDP ratio dropped below 90 percent at the end of 2022 due the reopening of the economy and the recovery that followed. However, risks remain elevated due to Russia's war in Ukraine and the deterioration in the global economic environment. At the current juncture, preserving fiscal space is crucial, as government intervention is important to support the digital and green transition, improve competitiveness and promote social cohesion. The NextGenerationEU, which allocates around EUR 1.2 billion to Cyprus in grants and loans, can support these goals and will have a favourable impact on real growth. The successful implementation of structural reforms and the green and digital agenda will be key for transforming our economy to a sustainable and more resilient one. Turning now on the private sector debt in Cyprus, this includes both legacy loans built up prior to the domestic financial crisis in 2013 and new origination loans thereafter, granted to households and non-financial corporations. The granting of new loans after the financial crisis in 2013 was done in adherence to stricter supervisory guidelines and tighter credit standards, and as data shows, the default rate of these new loans is quite low. However, the domestic private debt levels are still burdened with legacy loans that are more difficult to tackle and require special attention.
1  BIS Review 73/1999  Graph 2 Gold Reserves in Relative Terms  Gold per GDP Unit  Gold / Imports  0.9%  United States  United States  6.5%  Germany  6.3%  1.6%  Germany France  2.0%  France  9.0%  Italy  2.0%  Italy  8.9%  9.0%  Switzerland 2.6%  Netherlands Japan  0.2% 0.5%  United Kingdom  Canada  15.8% 22.0% 59.9%  France Italy  365.5  Switzerland 68.9  Netherlands  0.3%  Germany  45.0  Italy  Canada  1.6%  United States  54.3  France  Sweden  1.7%  Sweden  Gold / Currency in Circulation  45.1  Germany  Switzerland  Japan  12.3  33.0% 97.1%  Netherlands  6.0  46.8% 1.7%  United Kingdom  16.0%  Belgium  29.1  Belgium  Belgium  Canada  30.5  United States  United Kingdom  1.8% 1.6%  0.1%  Grams of Gold per Capita  Japan  Japan  0.6%  Sweden  5.2%  United Kingdom 1.1%  Belgium  25.4%  Switzerland Netherlands  19.5%  Sweden  16.6  Canada  2.6  14.3% 3.3%  Source : IWF, OECD  As you can see, Switzerland probably represents an extreme case with regard to gold holdings.