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Phosphate mining had been the most significant economic activity of Christmas Island till 1987 after which mining was stopped by the Australian government. Subsequently, in 1991 mining was reopened. From 1993 till 1998 a US $34 million casino was operational in the island with support of the government of Australia. Since 2001, a commercial space launching site is being constructed.
Tourism is another important economic activity of Christmas Island. With a coastline of nearly 140 km, this island offers unspoilt beaches for enthusiastic tourists.
Phosphate is the only export of this country and consumer goods are the principal imports. Australia and New Zealand are the main trading partners of Christmas Island.
The nightmare for Cyprus started in March 2013. The country’s banking sector faced a sudden squeeze. The two biggest players – Bank of Cyprus and Marfin Laiki Bank – were in danger of a collapse which would have sparked a huge negative shock for the island’s economy. Read more
Joseph E. Stiglitz,
Stephen S. Roach,
Mohamed A. El-Erian,
Mario Blejer & Eduardo Levy Yeyati,
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