Cyprus lauded on exit from €10bn bailout – FT.com

English: Northern Cyprus location

English: Northern Cyprus location (Photo credit: Wikipedia)

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.

Source: Cyprus lauded on exit from €10bn bailout – FT.com

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.

Thoughts?

 

Cyprus may be small, but its reunification could have huge global ramifications – Telegraph

English: Map of Cyprus showing districts

English: Map of Cyprus showing districts (Photo credit: Wikipedia)

The UK Telegraph claims that according to some estimates, reunification of unification  could boost the island’s GDP by €5bn within five years (or €1,700 per capita) and €10bn within 20. It qualifies that this is a considerable fillip given that GDP in the south was only €21.1bn last year.

Source: Cyprus may be small, but its reunification could have huge global ramifications – Telegraph

As a UK national resident in Cyprus, I am encouraged that mainstream newspapers are looking to Cyprus’ upside potential.

It’s interesting to speculate on where the benefits will fall. Here’s my take on what to expect:

  • A massive property boom
  • Accelerated development of Cyprus offshore gas and oil, with the related secondary industries.
  • Cyprus global investment hub and business services to benefit.
  • Higher education achievement, with related increased skills to attract more high technology industries, and of course
  • Cyprus’ location in the Mediterranean with three hundred days of sun will guarantee a boom in tourism and related consumer service industries, like restaurants, hotels and shops.

Of course, since King Richard the Lionheart Cyprus has been a strategic location. Did you know that Richard the Lionheart was married in Limassol, Cyprus?

Thoughts?