Cyprus’ remarkable recovery
Wind the clock back to 2012. The single currency bloc was hit by what economists like to call an 'asymmetric shock', in the form of a good old-fashioned banking crisis. Countries with astronomically large banking systems compared to the size of their economies, including Ireland, Iceland and Cyprus, were hit particularly hard, along with those such as Greece, whose public finances were already in a state of disarray. In Cyprus, the situation was particularly acute. Cypriot banks failed en masseand