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.

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