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Cyprus was a breath away from economic collapse. It was a big battle in which we came out wounded, but upright and determined to make a fresh start.

Nicos Anastasiades, President of Cyprus (Commenting on the Cyprus bailout in 2013) Born: September 27, 1946.


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When compared to previous EU/IMF bailouts, the terms of the 2013 Cyprus rescue not only were draconian, they introduced new measures which seemed to fly in the face of many EU aspirations. In 2012 the ‘first’ EU bail-out of Cyprus’ beleaguered economy, and the related austerity programme had seen the government’s popularity drop to unacceptably low levels But, as they say in Hollywood – you ain’t seen nothing, yet.’ The EU and the IMF now asserted that Cyprus was an isolated and exceptional case, (representing 0.2 per cent of the total EU gross domestic product (GDP)) requiring an exceptional remedy. In per capita terms, the €10,000 million funding was high – Cyprus barely has a population of one million. The bail-out may have eased the pressure on the banks, but it piled it high on the Cypriot population. 

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Key Facts

Key Facts:

Key Facts
Official name: Kypriaki Dimokratia-Kibris Cumhuriyeti (Republic of Cyprus)
Head of State: President Nicos Anastasiades (DISY) (from 28 Feb 2013)
Head of government: President Nicos Anastasiades (DISY) (from 28 Feb 2013)
Ruling party: Coaltion led by Dimokratikos Sinagermos (DS) (Democratic Rally), with Anorthotikon Komma Ergazomenou Laou (AKEL) (Progressive Party for Working People) (from Jun 2011)
Area: 9,251 square km (including the north)
Population: 891,000 (2014)*
Capital: Lefkosia (Nicosia); Greek spellings in use since 1995
Official language: Greek and Turkish
Currency: Euro (€) = 100 cents (from 1 Jan 2008; previous currency Cypriot pound, locked at C£0.58 per euro)
Exchange rate: €0.89 per US$ (Sep 2015)
GDP per capita: US$26,115 (2014)
GDP real growth: -2.26% (2014)
GDP: US$23.27 billion (2014)
Labour force: 404,000 (2010)
Unemployment: 16.17% (2014)
Inflation: -0.03% (2014)
Balance of trade: -US$3.54 billion (2014)
* estimated figure


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