The FT reports that Cyprus turned the page on one of the most painful episodes in its recent history on Monday as finance ministers affirmed the country’s successful exit from its three-year international bailout programme.
This is an important and proud achievement for Cyprus although it has been very painful for the people of Cyprus, especially the young.
The early exit from the bailout programme marks a new confidence in Cyprus. Tourism has rebounded in Cyprus but more important is the opportunity for strategic windfalls. Firstly, there is offshore gas and opportunities for collaborating with Greece, Israel, Egypt and possibly Turkey. Secondly, there is growing confidence with the reunification talks – the north of Cyprus has been occupied by Turkey for decades. Against this background, Cyprus is expecting a significant increase in foreign investment.