CYPRUS STRUGGLES TO RETAIN FINANCIAL SECTOR – BUT ITS CRISIS WAS NOT INEVITABLE
April 1st, 2013
The latest financial crisis to hit the Eurozone – hitting the diplomatically-recognised portion of Cyprus – is perhaps a case study in how to mismanage a banking-reliant economy and of how the international community can err when applying a fix.As Accounting & Business went to press, the divided Mediterranean island was faced with the prospect of having to stop all government payments unless fresh money pours in by April 24. It was facing the possible collapse of its banking sector and an outflow of foreign (mainly Russian) and local capital from its ...
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