Cyprus finance minister says country to see 'satisfactory' economic growth in 2015

Economic Indicators Associated Press

Cyprus' finance minister says the bailed-out country's economy will see "sufficiently satisfactory" growth in 2015 as it emerges from three years of recession.

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Harris Georgiades says the state budget, which the Cabinet approved Wednesday, is balanced after being in a deficit earlier.

He says there's no need for any additional tax increases or spending cuts. In fact, the budget foresees a 5 percent increase in spending while "gradual and careful" steps are being taken to ease the tax burden.

Cyprus a eurozone member, received a 10 billion euro ($11.23 billion) rescue deal from international creditors in 2013 that included a grab of uninsured deposits from the country's two largest banks. The smaller of the two lenders was shuttered.

The rescue program concludes early next year.