Portal:Cyprus

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Cyprus (/ˈsprəs/ ), officially the Republic of Cyprus, is an island country in the eastern Mediterranean Sea. It is geographically a part of West Asia, but its cultural ties and geopolitics are overwhelmingly Southeast European. Cyprus is the third largest and third-most populous island in the Mediterranean. It is east of Greece, north of Egypt, south of Turkey, and west of Lebanon and Syria. Its capital and largest city is Nicosia. The northeast portion of the island is de facto governed by the self-declared Turkish Republic of Northern Cyprus.

Cyprus was settled by Mycenaean Greeks in two waves in the 2nd millennium BC. As a strategic location in the Eastern Mediterranean, it was subsequently occupied by several major powers, including the empires of the Assyrians, Egyptians and Persians, from whom the island was seized in 333 BC by Alexander the Great. Subsequent rule by Ptolemaic Egypt, the Classical and Eastern Roman Empire, Arab caliphates for a short period, the French Lusignan dynasty and the Venetians was followed by over three centuries of Ottoman rule between 1571 and 1878 (de jure until 1914). Cyprus was placed under the United Kingdom's administration based on the Cyprus Convention in 1878 and was formally annexed by the UK in 1914.

The future of the island became a matter of disagreement between the two prominent ethnic communities, Greek Cypriots and Turkish Cypriots. From the 19th century onwards, the Greek Cypriot population pursued enosis, union with Greece, which became a Greek national policy in the 1950s. The Turkish Cypriot population initially advocated the continuation of the British rule, then demanded the annexation of the island to Turkey, and in the 1950s, together with Turkey, established a policy of taksim, the partition of Cyprus and the creation of a Turkish polity in the north. Following nationalist violence in the 1950s, Cyprus was granted independence in 1960. The crisis of 1963–64 brought further intercommunal violence between the two communities, displaced more than 25,000 Turkish Cypriots into enclaves and brought the end of Turkish Cypriot representation in the republic. On 15 July 1974, a coup d'état was staged by Greek Cypriot nationalists and elements of the Greek military junta. This action precipitated the Turkish invasion of Cyprus on 20 July, which led to the capture of the present-day territory of Northern Cyprus and the displacement of over 150,000 Greek Cypriots and 50,000 Turkish Cypriots. A separate Turkish Cypriot state in the north was established by unilateral declaration in 1983; the move was widely condemned by the international community, with Turkey alone recognising the new state. These events and the resulting political situation are matters of a continuing dispute. Cyprus is a major tourist destination in the Mediterranean. The country has an advanced high-income economy. The Republic of Cyprus has been a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004. On 1 January 2008, Cyprus joined the eurozone. (Full article...)

The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector.

On 25 March 2013, a €10 billion international bailout by the Eurogroup, European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) was announced, in return for Cyprus agreeing to close the country's second-largest bank, the Cyprus Popular Bank (also known as Laiki Bank), imposing a one-time bank deposit levy on all uninsured deposits there, and seizing possibly around 48% of uninsured deposits in the Bank of Cyprus (the island's largest commercial bank). A minority proportion of it was held by citizens of other countries (many of whom from Russia), who preferred Cypriot banks because of their higher interest on bank account deposits, relatively low corporate tax, and easier access to the rest of the European banking sector. This resulted in numerous insinuations by US and European media, which presented Cyprus as a "tax haven" and suggested that the prospective bailout loans were meant for saving the accounts of Russian depositors. No insured deposit of €100,000 or less would be affected, though 47.5% of all bank deposits above €100,000 were seized. (Full article...)
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19 June 2024 – Israel–Hezbollah conflict
Hezbollah secretary general Hassan Nasrallah threatens Cyprus if it allows Israel to use its airports and bases for military exercises which Cypriot president Nikos Christodoulides denies as well as announcing the possibility of a ground invasion of Galilee. (Reuters)

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