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This is an evaluation of the external economic relations of the island of Cyprus involving trade, finance and tourism. Cyprus has an increasingly open economy, and a study of its external economic relations is, to a considerable extent, a profile of its modern development.
On June 28th 2012, the small island of Cyprus became the fifth government to request an economic bail-out from the Eurozone after losing access to international capital markets. Less than a year later, a €10 billion second rescue deal was agreed upon — an unprecedented agreement that bailed in creditors of Cyprus' two largest banks, and triggered an economic crisis that the nation still struggles to recover from today.This resourceful collection of essays provides a thorough and in depth analysis of how Cyprus reached the point of failure and what lessons this experience holds for future economic crises. The various perspectives collectively address unanswered questions, including whether the bail-in can be considered successful, why the recession was less severe than expected, and what conclusions can be drawn about stress-testing exercises across borders.Focusing on one of the (proportionately) largest crises in financial history, the case study will prove essential to policy-makers and politicians, especially in the euro area.
"On June 28th 2012, the small island of Cyprus became the fifth government to request an economic bail-out from the Eurozone after losing access to international capital markets. Less than a year later, a €10 billion second rescue deal was agreed upon -- an unprecedented agreement that bailed in creditors of Cyprus' two largest banks, and triggered an economic crisis that the nation still struggles to recover from today. This resourceful collection of essays provides a thorough and in depth analysis of how Cyprus reached the point of failure and what lessons this experience holds for future economic crises. The various perspectives collectively address unanswered questions, including whether the bail-in can be considered successful, why the recession was less severe than expected, and what conclusions can be drawn about stress-testing exercises across borders. Focusing on one of the (proportionately) largest crises in financial history, the case study will prove essential to policy-makers and politicians, especially in the euro area."--Provided by publisher
This book about the economy of Cyprus from the 1970s to the 2010s. Source data from UN Data.Size. In the 2010s, the GDP of Cyprus was equal to $23.5 billion per year; the value of agriculture was $463.4 million; the value of manufacturing was $1.0 billion. Since the share in the world is between .01% and .1%, the country is classified as a small economy.Productivity. In the 2010s, the gross domestic product per capita was $27 561.1, the value of agriculture per capita was $544.5, the value of manufacturing per capita was $1 220.3. Since the productivity is between the average and the average of above average, the economy is classified as developed.Growth. In the 2010s, the growth of gross domestic product was 0.29%; the growth of agriculture was -1.2%; the growth of manufacturing was -1.6%.Structure. In the 2010s, the economy of Cyprus included: service (32.3%), industry (17.4%), agriculture (13.9%), trade (13.8%), transportation (11.7%), and construction (10.9%).Export and import. In the 2010s, the import was 2.8% higher than the export, the net import was equal to 1.6% of the GDP. The technological structure of export is better than the structure of import.Consumption and reproduction. The attitude of reproduction to the consumption is not better than the global average, so the share of GDP in the world will not increase.