Editing Cyprus (section)

==Economy==
{{Main|Economy of Cyprus}}
[[File:Cyprus central bank Nicosia Republic of Cyprus.jpg|thumb|upright|[[Central Bank of Cyprus]]]]

In the early 21st century, Cyprus boasted a prosperous service-based economy that made it the wealthiest of the ten countries that joined the European Union in 2004.<ref name="Econ" /> However, the Cypriot economy was later damaged by the [[2008 financial crisis]] and the [[European sovereign-debt crisis|Eurozone crisis]]. In June 2012, the Cypriot government announced it would need €{{Nowrap|1.8 billion}} in foreign aid to support the [[Cyprus Popular Bank]], and this was followed by [[Fitch Group|Fitch]] downgrading Cyprus's credit rating to [[junk status]].<ref name="BBC News 2012">{{cite news |url=https://www.bbc.co.uk/news/business-18577983 |title=Cyprus's credit rating cut to junk status by Fitch |date=25 June 2012 |work=BBC News |publisher=BBC News Online |access-date=25 June 2012 |archive-url=https://web.archive.org/web/20120628131610/http://www.bbc.co.uk/news/business-18577983 |archive-date=28 June 2012 |url-status=live}}</ref> Fitch stated Cyprus would need an additional €{{Nowrap|4 billion}} to support its banks and the downgrade was mainly due to the exposure of [[Bank of Cyprus]], [[Cyprus Popular Bank]], and [[Hellenic Bank]], Cyprus's three largest banks, to the [[Greek government-debt crisis]].<ref name="BBC News 2012" />

[[File:BlueEurozone.svg|thumb|Cyprus is part of a monetary union, the [[eurozone]] (dark blue) and of the [[Internal Market (European Union)|EU single market]].]]
The [[2012–2013 Cypriot financial crisis]] led to an agreement with the [[Eurogroup]] in March 2013 to split Cyprus Popular Bank, into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion [[bailout]] from the [[European Commission]], the [[European Central Bank]] and the [[International Monetary Fund]], often referred to as the "troika", the Cypriot government was required to impose a significant [[haircut (finance)|haircut]] on [[deposit insurance|uninsured deposits]], a large proportion of which were held by wealthy [[Russians]] who used Cyprus as a [[tax haven]]. Insured deposits of €100,000 or less were not affected.<ref>{{cite web |title=Eurogroup Statement on Cyprus|url=http://eurozone.europa.eu/newsroom/news/2013/03/eg-statement-cyprus-25-03-13/ |archive-url=https://wayback.archive-it.org/all/20171011040449/http://www.consilium.europa.eu/en/splash/?requested=%2fcouncil-eu%2feurogroup%2f |url-status=dead |archive-date=11 October 2017 |publisher=[[Eurogroup]]|access-date=30 March 2013 |date=25 March 2013}}</ref><ref>{{cite news |author=Jan Strupczewski |author2=Annika Breidthardt |title=Last-minute Cyprus deal to close bank, force losses |work=Reuters |date=25 March 2013 |url=https://www.reuters.com/article/us-cyprus-parliament-idUSBRE92G03I20130325 |access-date=25 March 2013 |archive-url=https://web.archive.org/web/20130325042059/https://www.reuters.com/article/2013/03/25/us-cyprus-parliament-idUSBRE92G03I20130325 |archive-date=25 March 2013 |url-status=live}}</ref><ref>{{cite news |title=Eurogroup signs off on bailout agreement reached by Cyprus and troika |newspaper=Ekathimerini |location=Greece |date=25 March 2013 |url=http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_25/03/2013_489702 |access-date=25 March 2013 |archive-url=https://web.archive.org/web/20130326124216/http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_25/03/2013_489702 |archive-date=26 March 2013 |url-status=live}}</ref>

[[File:Limassol New General Hospital 03.JPG|thumb|upright=0.75|Limassol General Hospital]]
Cyprus made a staggering{{Clarify|date=May 2024}} economic recovery in the 2010s,<ref>{{Cite web |title=Cyprus country update October 2019 {{!}} Atradius |url=https://group.atradius.com/publications/economic-research/cyprus-update-october-2019.html |access-date=4 October 2023 |website=group.atradius.com |archive-date=1 November 2023 |archive-url=https://web.archive.org/web/20231101012641/https://group.atradius.com/publications/economic-research/cyprus-update-october-2019.html |url-status=live }}</ref> and according to the 2023 International Monetary Fund estimates, Cyprus' [[List of countries by GDP (PPP) per capita|per capita GDP]] at [[international dollar|$]]54,611 is the highest in [[Southern Europe]], though slightly below the European Union average.<ref>{{Cite web |title=GDP per capita, current prices |url=https://www.imf.org/external/datamapper/PPPPC@WEO/EUQ/CYP/EU |access-date=3 October 2023 |website=imf.org |archive-date=21 October 2023 |archive-url=https://web.archive.org/web/20231021104923/https://www.imf.org/external/datamapper/PPPPC@WEO/EUQ/CYP/EU |url-status=live }}</ref> Tourism, financial services and shipping are significant parts of the economy, and Cyprus has been sought as a base for several offshore businesses due its low tax rates and [[Ease of doing business index|ease of doing business]]. Robust growth was achieved in the 1980s and 1990s, due to the focus placed by Cypriot governments on meeting the criteria for admission to the European Union.<ref>{{Cite web |last=European Commission |date=8 November 2000 |title=2000 regular report from the commission on Cyprus' progress towards accession |url=https://neighbourhood-enlargement.ec.europa.eu/system/files/2016-12/cy_en_1.pdf |access-date=4 October 2023 |website=Europa.eu |archive-date=24 October 2023 |archive-url=https://web.archive.org/web/20231024154652/https://neighbourhood-enlargement.ec.europa.eu/system/files/2016-12/cy_en_1.pdf |url-status=live }}</ref> The Cypriot government adopted the euro as the national currency on 1 January 2008, replacing the [[Cypriot pound]].<ref name="Econ">{{cite web |url=http://www.cyprus.gov.cy/portal/portal.nsf/All/2E23E22A811DE449C2256EBD004F3BEB?OpenDocument |title=Cyprus Economy |access-date=4 May 2007 |work=Republic of Cyprus |publisher=cyprus.gov.cy |archive-url=https://web.archive.org/web/20120623090342/http://www.cyprus.gov.cy/portal/portal.nsf/All/2E23E22A811DE449C2256EBD004F3BEB?OpenDocument |archive-date=23 June 2012}}</ref>

Cyprus is the last EU member fully isolated from energy interconnections and it is expected that it will be connected to European network via the [[EuroAsia Interconnector]], a 2000 MW [[high-voltage direct current]] [[submarine power cable|undersea power cable]].<ref>{{cite web |url=http://www.euroasia-interconnector.com/wp-content/uploads/2018/01/EuroAsia_Interconnector_Project_Overall_leaflet_English.pdf |title=The EuroAsia Interconnector |access-date=20 February 2018 |archive-url=https://web.archive.org/web/20180216204549/http://www.euroasia-interconnector.com/wp-content/uploads/2018/01/EuroAsia_Interconnector_Project_Overall_leaflet_English.pdf |archive-date=16 February 2018 |url-status=live}}</ref> [[EuroAsia Interconnector]] will connect Greek, Cypriot, and Israeli power grids. It is a leading Project of Common Interest of the [[European Union]] and also priority Electricity Highway Interconnector Project.<ref>{{cite web |url=https://ec.europa.eu/inea/en/connecting-europe-facility/cef-energy/projects-by-country/multi-country/3.10.1-0004-cyel-s-m-16 |title=EU Projects by country |access-date=20 February 2018 |archive-url=https://web.archive.org/web/20180117013332/https://ec.europa.eu/inea/en/connecting-europe-facility/cef-energy/projects-by-country/multi-country/3.10.1-0004-cyel-s-m-16 |archive-date=17 January 2018 |url-status=live}}</ref><ref>{{cite web |url=https://ec.europa.eu/energy/en/topics/infrastructure/projects-common-interest/funding-projects-common-interest |title=Funding for Projects of Common Interest – Energy – European Commission |website=Energy |date=5 April 2017 |access-date=20 February 2018 |archive-url=https://web.archive.org/web/20180127083951/https://ec.europa.eu/energy/en/topics/infrastructure/projects-common-interest/funding-projects-common-interest |archive-date=27 January 2018 |url-status=live}}</ref>

In recent years significant quantities of offshore natural gas have been discovered in the area known as [[Block 12|Aphrodite]] (at the exploratory drilling block 12) in Cyprus's exclusive economic zone ([[EEZ]]),<ref>{{cite news |last=Gilson |first=George |title=Something sizzling in Cyprus: gas shakes regional chessboard |url=http://www.athensnews.gr/issue/13427/36582 |newspaper=[[Athens News]] |date=23 January 2011 |access-date=7 September 2011 |url-status=dead |archive-url=https://web.archive.org/web/20120128165535/http://www.athensnews.gr/issue/13427/36582 |archive-date=28 January 2012}}</ref> about {{convert|175|km|0|abbr=off}} south of Limassol at 33°5'40″N and 32°59'0″E.<ref>{{cite news |last=Ali |first=Jaber |title=Lebanese Cabinet discusses offshore energy policies |url=http://www.middle-east-confidential.com/1470-lebanese-cabinet-discusses-offshore-energy-policies.html |newspaper=Middle East Confidential |date=15 July 2011 |archive-url=https://web.archive.org/web/20120118191351/http://www.middle-east-confidential.com/1470-lebanese-cabinet-discusses-offshore-energy-policies.html |archive-date=18 January 2012 |access-date=7 September 2011}}</ref> However, Turkey's offshore drilling companies have accessed both natural gas and oil resources since 2013.<ref>{{cite web |url=http://www.hurriyetdailynews.com/turkey-may-drill-for-oil-and-gas-in-cyprus-minister.aspx?PageID=238&NID=55114&NewsCatID=348 |title=Turkey may drill for oil and gas in Cyprus: Minister – ENERGY |date=25 September 2013 |access-date=1 February 2014 |archive-url=https://web.archive.org/web/20140202172134/http://www.hurriyetdailynews.com/turkey-may-drill-for-oil-and-gas-in-cyprus-minister.aspx?PageID=238&NID=55114&NewsCatID=348 |archive-date=2 February 2014 |url-status=live}}</ref> Cyprus demarcated its maritime border with Egypt in 2003, with Lebanon in 2007,<ref>{{cite web |title=Cyprus – Exclusive Economic Zone – Turkey's provocative behaviour |url=http://www.cyprus.gov.cy/moi/pio/pio.nsf/0/FE475A6A54F2F7B2C225757100257AD4?opendocument |publisher=Republic of Cyprus |date=10 August 2011 |access-date=7 September 2011 |archive-url=https://web.archive.org/web/20120111063117/http://www.cyprus.gov.cy/moi/pio/pio.nsf/0/FE475A6A54F2F7B2C225757100257AD4?opendocument |archive-date=11 January 2012 |url-status=live}}</ref> and with Israel in 2010.<ref>{{cite news |title='Don't attempt to test Turkey's past' |url=http://www.hurriyetdailynews.com/n.php?n=8216don8217t-attempt-to-test-turkey8217s-past8217-2011-09-06 |newspaper=[[Hürriyet Daily News]] |date=6 September 2011 |location=Istanbul |access-date=7 September 2011 |archive-url=https://web.archive.org/web/20110908052540/http://www.hurriyetdailynews.com/n.php?n=8216don8217t-attempt-to-test-turkey8217s-past8217-2011-09-06 |archive-date=8 September 2011 |url-status=live}}</ref> In August 2011, the US-based firm [[Noble Energy]] entered into a production-sharing agreement with the Cypriot government regarding the block's commercial development.<ref>{{cite news |last=Ament |first=Carol|title=Full speed ahead for Cyprus drilling|url=http://famagusta-gazette.com/full-speed-ahead-for-cyprus-drilling-p12736-69.htm|access-date=7 September 2011|newspaper=Famagusta Gazette|date=19 August 2011|archive-url=https://web.archive.org/web/20120326132611/http://famagusta-gazette.com/full-speed-ahead-for-cyprus-drilling-p12736-69.htm|archive-date=26 March 2012|url-status=dead}}</ref>

Turkey, which does not recognise the border agreements of Cyprus with its neighbours,<ref>{{cite news |title=Noble Energy: Good chance of large gas find off Cyprus |url=http://www.neurope.eu/article/noble-energy-good-chance-large-gas-find-cyprus |newspaper=New Europe |date=20 February 2011 |access-date=7 September 2011 |archive-url=https://web.archive.org/web/20120330094744/http://www.neurope.eu/article/noble-energy-good-chance-large-gas-find-cyprus |archive-date=30 March 2012 |url-status=dead}}</ref> threatened to mobilise its naval forces if Cyprus proceeded with plans to begin drilling at Block&nbsp;12.<ref>{{cite news |title=Ankara threatens naval action over Cyprus' Block 12 drill |url=http://www.panarmenian.net/eng/news/77401/Ankara_threatens_naval_action_over_Cyprus_Block_12_drill |newspaper=[[PanARMENIAN.Net]] |date=6 September 2011 |access-date=7 September 2011 |archive-url=https://web.archive.org/web/20120406202940/http://www.panarmenian.net/eng/news/77401/Ankara_threatens_naval_action_over_Cyprus_Block_12_drill |archive-date=6 April 2012 |url-status=live}}</ref> Cyprus's drilling efforts have the support of the US, EU, and UN, and on 19 September 2011 drilling in Block&nbsp;12 began without any incidents being reported.<ref>{{cite news |title=Turkey's Miscalculation Over Cypriot Drilling |url=https://www.stratfor.com/sample/geopolitical-diary/turkeys-miscalculation-over-cypriot-drilling |work=Stratfor News |date=20 September 2011 |access-date=12 June 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150614012637/https://www.stratfor.com/sample/geopolitical-diary/turkeys-miscalculation-over-cypriot-drilling |archive-date=14 June 2015}}</ref>

===Infrastructure===
{{Main|Transport in Cyprus|Communications in Cyprus}}
{{multiple image
| align             = right
| image1            =
| width1            = 227
| alt1              =
| caption1          =
| image2            = Cranes Limassol Harbour 20110703.jpg
| width2            = 200
| alt2              =
| caption2          =
| footer            = The [[port of Limassol]], the busiest in Cyprus
}}

Cyprus is one of only three EU nations in which vehicles drive on the [[Right- and left-hand traffic|left-hand side of the road]], a remnant of British rule. [[Roads and motorways in Cyprus|A series of motorways]] runs along the coast from [[Paphos]] to [[Ayia Napa]], with two motorways running inland to Nicosia, one from Limassol and one from [[Larnaca]].

Per capita private car ownership is the 29th-highest in the world.<ref>{{cite web |url=http://data.worldbank.org/indicator/IS.VEH.NVEH.P3 |title=World Bank Data: Motor vehicles (per 1,000 people) |publisher=[[The World Bank]] |access-date=27 August 2011 |url-status=dead |archive-url=https://web.archive.org/web/20140209114811/http://data.worldbank.org/indicator/IS.VEH.NVEH.P3 |archive-date=9 February 2014}}</ref> There were approximately 344,000 privately owned vehicles, and a total of 517,000 registered motor vehicles in the Republic of Cyprus in 2006.<ref>{{cite web |url=http://www.mcw.gov.cy/mcw/PWD/PWD.nsf/All/1099BBC9002543B4C225713B00147808?Opendocument |title=''Public Works Department official statistics'' |publisher=Mcw.gov.cy |date=24 March 2006 |access-date=25 October 2009 |archive-url=https://web.archive.org/web/20120326001533/http://www.mcw.gov.cy/mcw/PWD/PWD.nsf/All/1099BBC9002543B4C225713B00147808?Opendocument |archive-date=26 March 2012}}</ref> In 2006, plans were announced to improve and expand bus services and other public transport throughout Cyprus, with the financial backing of the [[European Union]] Development Bank. In 2010 the new bus network was implemented.<ref>{{cite web |url=http://www.cyprusbybus.com/ |title=Cyprus By Bus |access-date=16 February 2011 |archive-url=https://web.archive.org/web/20110218190605/http://www.cyprusbybus.com/ |archive-date=18 February 2011 |url-status=live}}</ref>

Cyprus has two international airports in the government-controlled areas, the busier one being in [[Larnaca International Airport|Larnaca]] and the other in [[Paphos International Airport|Paphos]].<ref>{{cite book |title=The Stateman's Yearbook |date=2020 |publisher=Routledge |page=386 |chapter=Cyprus}}</ref> The [[Ercan International Airport]] is the only active one in the non-government-controlled areas, but all international flights there must have a stopover in Turkey.<ref>{{cite web |title='Direct' flights to the north will go via Turkey |url=https://cyprus-mail.com/2022/09/23/direct-flights-to-the-north-will-go-via-turkey/ |publisher=Cyprus Mail |access-date=23 January 2023 |date=23 September 2022 |archive-date=23 January 2023 |archive-url=https://web.archive.org/web/20230123001834/https://cyprus-mail.com/2022/09/23/direct-flights-to-the-north-will-go-via-turkey/ |url-status=live }}</ref>

The main [[harbour]]s of the island are [[Limassol Port|Limassol]] and [[Larnaca]], which serve cargo, passenger and [[cruise ship]]s.

[[CYTA|Cyta]], the [[Public ownership|state-owned]] telecommunications company, manages most telecommunications and Internet connections on the island. However, following deregulation of the sector, a few private telecommunications companies emerged, including [[Monaco Telecom|epic]], [[Cablenet]], [[OTEnet Telecom]], [[Omega Telecom]] and [[PrimeTel]]. In the non-government-controlled areas of Cyprus, two different companies administer the mobile phone network: [[Turkcell]] and [[KKTC Telsim]].{{Citation needed|date=March 2021}}