Cyprus Archives - Page 3 of 3

Cyprus: More Worrisome Than Greece?

For more than a year now, Cyprus has been shut out of international capital markets after its banks suffered huge losses from their exposure to Greece. And while its finance ministry claimed on Tuesday that they had secured enough money to cover its immediate financial needs, the country’s long-term finance future remains in doubt – unless it can formalise an agreement to secure a credit line of up to 17.5 billion euros from its euro partners and the IMF.

Cyprus in Talks with Troika over Bailout Package

The troika inspectors, or officials from the European Commission, the International Monetary Fund and the European Central Bank, arrive in Cyprus today for discussions over a bailout deal. Cyprus has become the fifth eurozone member to seek international aid after its banks buckled from contagion and large exposure to the Greek economy.

Cyprus Export, Import and Trade

Cyprus Economy

The economy of Republic of Cyprus is dominated by the services sector which contributes about 78% to the country’s GDP. Tourism is the leading economic activity followed by financial services and real estate. Since tourism is the main service industry in Cyprus it is heavily dependent on the economic performance and political environment of other European nations.