Cyprus saved from drowning

Published on 25 March 2013 at 16:16

With Cyprus, the euro crisis has claimed its fifth victim: after Ireland, Portugal Greece and Spain, it is the Mediterranean island's turn to request a bailout from the troika of international funding agencies (EU, ECB and IMF). To avoid watching its financial institutions sink beneath the waves, Cyprus has been obliged to accept a far-reaching overhaul of its banking system and will likely have to bid farewell to its status as a tax haven, with apologies to the rich Russians who have deposited their fortunes in the country.

Categories
Tags

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!