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The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the ...
This time, the victim was Cyprus: a tiny Mediterranean island. ... another country's banking system blew up and stopped the Continent in its economic tracks. This time, the victim was Cyprus: a ...
Poor Cyprus is in terrible shape. After securing a bailout of its banking sector, the tiny island nation faces an economic adjustment virtually assured to lower the quality of living for most of ...
The Economic Adjustment Programme for Cyprus, usually referred to as the Bailout programme, is a memorandum of understanding on financial assistance to the Republic of Cyprus in order to cope with the 2012–13 Cypriot financial crisis.
The economy of Cyprus is a high-income economy as classified by the World Bank, [3] and was included by the International Monetary Fund in its list of advanced economies in 2001. [1] [2] Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1 ...
Europe recently decided to showcase just how small of a country can throw a wrench into its fragile currency union. While Cyprus itself is an island, the financial world makes it landlocked with ...
In spite of finally exiting the financial crisis which severely affects Cyprus, the COVID-19 Pandemic of 2020 presented challenges that Cyprus was not equipped to deal with alone. The economic damage of the COVID-19 crisis was cushioned by a state-aid scheme approved by the European Commission in April 2020 to help absorb the shock. [20]
Getty Images | Steve Jurvetson, Flickr.com The recent decision by the government of Cyprus to shut down the island's banks and limit the amount depositors can withdraw from their accounts reveals ...