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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 Cyprus problem, also known as the Cyprus conflict, Cyprus issue, Cyprus dispute, or Cyprus question, is an ongoing dispute between the Greek Cypriot community which runs the Republic of Cyprus (de facto only comprising the south of the island since the events of 1974) and the Turkish Cypriot community in the north of the island, where troops of the Republic of Turkey are deployed.
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 ...
There isn't much history in the eurozone as an entity, and the economic rule of law is still shaky in some of these smaller countries, like Cyprus. Since the financial crisis, they've been putting ...
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states ( Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their ...
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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]