The severity of the economic problems in Cyprus puzzles me. When my World Bank colleagues and I were working on Cyprus in the 1980s, we were favourably impressed by our Cypriot counterparts, both in the government and in the private sector.
They showed good sense and were always willing to listen to suggestions.
They were optimistic but cautious, knowing that as a small country in that particularly volatile region, Cyprus could be vulnerable to even relatively minor shocks.
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