Konrad Adenauer Stiftung is a German political party foundation associated with but independent of the centrist Christian Democratic Union.

Noting that crisis breeds opportunity, Christodoulides said this was Cyprus knows this all too well, most recently faced with an economic crisis that led to the unprecedented bail-in decision by the Eurogroup in March 2013, which deeply affected the backbone industries of the country.

“Yet, Cyprus seized the moment, demonstrating resilience few thought possible, turning the crisis into opportunity to reform and address chronic weaknesses of the economy and the financial system,” he said.