Place Debt Collection Cyprus
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Economy Overview:
The Republic of Cyprus has a market economy dominated by the service
sector, which accounts for 76% of GDP. Tourism and financial services
are the most important sectors; erratic growth rates over the past
decade reflect the economy's reliance on tourism, which often fluctuates
with political instability in the region and economic conditions in
Western Europe. Nevertheless, the economy grew a healthy 3.7% per year
in 2004 and 2005, well above the EU average. Cyprus joined the European
Exchange Rate Mechanism (ERM2) in May 2005. The government has initiated
an aggressive austerity program, which has cut the budget deficit to
below 3% but continued fiscal discipline is necessary if Cyprus is to
meet its goal of adopting the euro on 1 January 2008. As in the area
administered by Turkish Cypriots, water shortages are a perennial
problem; a few desalination plants are now on line. After 10 years of
drought, the country received substantial rainfall from 2001-03
alleviating immediate concerns.
Requirements:
- Instructions / authority to proceed with negotiated settlement on the company letterhead.
- Full details of the debtor/s and a summary of how the debt was incurred.
- The amount owing, and the particulars of how it is arrived at.
- Other supportive documentation such as invoice, bill of lading etc.
- Copy of demands made by your company for payment, and copy of any correspondence from the debtor/s that is held on file.
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