Lessons from the Financial Crisis Response in Cyprus

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Moldovan Politics

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The history of Cyprus Island goes back millennia and boasts a truly unique cultural heritage. Renowned historic figures have conqueror the land at various points in time, including Alexander the Great and Richard the Lion-heart. Greeks, Romans, Arabs, Turks and, ultimately, the British Empire have all left their footprint on the island. Only, after the end of British colonial rule in1960, the Republic of Cyprus became a new, small, yet ethnically and politically divided, country. From the onset, power-sharing between the Greek majority and the Turkish minority proved difficult and the country descended into a decade of inter-communal violence. Problems were then exacerbated by the Turkish intervention of 1974, which left the country divided ever since. However, this did not impede Cyprus from becoming a member of the European Union in 2004 and the Eurozone four years later.

Cyprus has been relatively well off, historically relying on trade and, more…

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