Cyprus Developments on Banking Sector – Overcoming the Difficulties
Cyprus is struggling with the worst crisis in its history since the 1974 invasion by Turkish military forces that divided the country in two. The island’s banking sector, holding assets more than eight times the size of the national economy, has been dangerously impaired by exposure to Greek banks, where individual bondholders underwent a 75% ‘haircut’ during 2012. The European Union and...