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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 ...
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.
The economy grew by 4.9% in 2014 and 2.8% in 2013, meaning that Northern Cyprus is growing faster than the Republic of Cyprus. [9] [10] Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%, [11] down from 8.3% in 2014. [12] The inflation rate in June 2015 was at 3.18%.
Kaisis Motor Company. Kaisis Motor Company (KMC) was a vehicle manufacturer in Cyprus, in business between 1973 and the late 1980s. The branding takes after the name of the founder, Andreas Kaisis, a local entrepreneur. KMC manufactured (in most cases assembled) trucks, buses, and many speciality vehicles such as ambulances, fire engines and ...
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 . It was signed in March 2013 by the Cypriot Government on one hand, and on the other hand by the European ...
The Cypriot pound was introduced in 1879 and was equal in value to one pound sterling. It remained at that value until 1972, some twelve years after Cyprus gained independence from the United Kingdom. The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange ...
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