npr.orgJust a few years ago, Cyprus was considered a wealthy country, though that referred mostly to the Greek Cypriots on the southern part of the divided island. When Cyprus entered the eurozone in 2008, analysts were wondering what would become of the much poorer north, which has been occupied by Turkey since a 1974 war.
Now, the Turks in northern Cyprus have the booming economy, while Greek Cypriots, crippled by exposure to ailing Greek banks, are waiting for final approval on what will be the fourth sovereign bailout of a eurozone country.
ECONOMICS - Christofias sheds tears during trade union speechGreek Cyprus President Demetris Christofias broke down in tears during a speech to delegates of the PEO trade union while commenting on new austerity measures, according to a Cyprus Mail online report yesterday.