- 06 May 2016 09:00
- by Anthony Notaras
As Cyprus emerges from its Troika-imposed three-year economic adjustment programme, Legal Business assesses how the country’s constantly fluctuating fortunes are affecting the legal market.
On the face of it, Cyprus has much to celebrate. In March, the country completed the three-year economic adjustment programme that followed 2013’s €10bn bailout package agreed with the European Commission, European Central Bank and the International Monetary Fund. That the country has finally wrested back control of its finances was coupled with the Commission’s prediction of a 1.4% rise in GDP for Cyprus in 2015 – the first year of economic growth since 2011.
- 10 April 2015 09:00
- by Helen Mooney
Last year the outlook for Cypriot lawyers was improving as the country appeared to be pulling itself back from economic collapse. But with dependency on Russia weighing heavily on the island, unease has returned.
Wind back 12 months and the mood from the Cypriot legal community was undeniably improving. The island was meeting the terms of its €10bn bailout from Europe, following near economic collapse in 2013; the discovery of gas reserves offshore looked particularly favourable; and even the Turkish and Cypriot halves of the country had begun reviving stalled peace talks with the aim of once and for all reuniting the island.
- 01 May 2013 12:30
- by Miriam Fahey
Cyprus is on its knees, reeling from a banking crisis that has left the island close to bankruptcy and forced it into an expensive bailout plan. Legal Business asks the country’s lawyers for their prognosis on a stricken economy
Beware the Ides of March: for two weeks earlier this year, the world held its collective breath as Cyprus teetered on the brink. What began with Cypriot banks closing their doors to prevent a run ended with recently installed president Nicos Anastasiades signing a bailout deal with the Troika that he hopes will save the country from bankruptcy.
- 01 April 2014 09:00
- by Helen Mooney
Twelve months ago, the death knell sounded for the Cypriot economy and its legal industry. What a difference a year makes
A year ago Cyprus was heading for disaster. The banking crisis had hit hard and predictions of where it would leave the country ranged from the sublime to the ridiculous. Hyperbolic headlines screamed that Cyprus would be forced to quit the eurozone and that everybody would be out of a job. Foreign investors would leave in droves, said the naysayers, so the island had better just go back to fishing and tourism as its mainstay.