Travel Reference
In-Depth Information
India filling the labour markets. This has created cheap labour and now restaurants and
shops are predominantly staffed by Eastern-bloc waiters and sales staff and many families
have Sri Lankan or Philippine maids and nannies.
A combination of joining the eurozone and sharing close financial ties with Greece had
a severe and negative impact on Cypriot banks (who were major holders of Greek govern-
ment and corporate bonds) between 2012 and 2013. In March 2013 banks closed for 12
days while a deal was struck for a €10 billion bailout by the International Monetary Fund
and the EU. The loan was conditional on Cyprus raising €5.8 billion through various aus-
terity measures.
A year later witnessed cautious signs of recovery. The economy shrunk by just 5.4% (as
opposed to the 20% predicted), the financial sector showed signs of stabilisation and tour-
ism remained solid, particularly among big-spending Russians. The discovery of oil and
natural gas deposits in the waters off Cyprus could also mark an end to the island's finan-
cial woes, as well as speed up the possibility of reunification with the North, as oil com-
panies signal that they, too, want a solution as soon as possible before investing huge
sums in offshore oil exploration.
Russians in the Republic
Cyprus' Russian-speaking population in the Republic is a considerable 40,000 (out of a
total population of around 800,000). The majority live in and around Lemesos, leading to
its nickname of Limassolgrad, where menus and shop signs in Russian are common, espe-
cially around the main coastal promenade. There are three local Russian newspapers, as
well as at least one Russian school. Lemesos is also home to the annual two-day Cyprus-
Russian Festival in June, which kicked off in 2004, and includes concerts by top names in
the Russian music scene, as well as the Russian food exhibitions and fireworks. Further-
more, on a more sobering monetary note, Cyprus is the beneficiary of considerable funds
from Russia - some 25% of the total bank deposits in the Republic, along with a whop-
ping one-third of all foreign investment.
Best in Print
Bitter Lemons of Cyprus (Lawrence Durrell) Memoir set in the 1950s.
A Traveller's History of Cyprus (Tim Boatswain) A concise history.
Journey into Cyprus (Colin Thubron) Chronicles a 600-mile walk through Cyprus in 1972.
Best Online
Talk Cyprus ( www.cyprus-forum.com ) Where Cypriots meet to discuss politics.
Cyprus Tourism Organisation ( www.visitcyprus.com ) CTO's official website packed full of useful information.
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