piraeus bank group

Cyprus, Three Years in Retrospective: A Journey in Now-Charted Waters

When the global economic turmoil begun, the Cypriot economic activity was hit just as any other country-member of the Euroarea. Just after, the country began its recovery the explosion of the Vassilikos power plant in the summer of 2011 put rather abruptly a halt to growth prospects. The cherry on the cake? The immediate need of financing a “bleeding” domestic financial institution, while at the same time the country was shut from international markets due to a downgrade of its sovereign rating. Following a week of negotiations, on March 25th, 2013 the Eurogroup, along with the Cypriot government reached a final decision regarding the amount of financial assistance that Cyprus will receive. Three years after that, the country is back on the growth track.