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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 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 ...
Cyprus is a major tourist destination in the Mediterranean. [27] [28] [29] The country has an advanced high-income economy. The Republic of Cyprus has been a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004. [30] On 1 January 2008, Cyprus joined the ...
Cyprus. Cyprus became a full member of the European Union in 2004. Despite being a divided country, the entire island is EU territory. Turkish Cypriots are eligible for EU citizenship, however EU law is suspended in certain areas. [ 1] [ 2] Cyprus has two official languages: Greek and Turkish, but only Greek is an official EU language.
Northern Cyprus 's economy operates on a free-market basis, with a significant portion of administration costs funded by Turkey. Northern Cyprus uses the Turkish lira as its currency, which links its economic situation to the economy of Turkey . As of 2014, the GDP per capita of Northern Cyprus was $15,109, and the GDP was $4.039 billion.
Northern Cyprus, [ a] officially the Turkish Republic of Northern Cyprus ( TRNC ), [ b] is a de facto state [ 6][ 7] that comprises the northeastern portion of the island of Cyprus. It is recognised only by Turkey, and its territory is considered by all other states to be part of the Republic of Cyprus . Northern Cyprus extends from the tip of ...
Harris Georgiades is chairman of the Foreign and European Affairs Committee of the Cyprus Parliament and Deputy Leader of the Democratic Rally Party. He served as Minister of Finance of the Republic of Cyprus between April 2013 – December 2019. Born in 1972 in Nicosia, he holds a BA and an MA in international relations and economics from the ...
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 ...