Money – The Real Sport In Cyprus

The real sport being played in Cyprus, is not, of course, played with a ball. It is international business. And here in Cyprus it is played on a very large scale – relative to the size of the island.

In fact, the banking crisis of 2012 – which is a part of the eurozone crisis – has highlighted to what extent Cyprus really plays. For example, this story from Spiegel Online discusses the amount of money held by Russian Oligarchs in the Cypriot banking system. The estimate is a little over 20 billion euros, which is similar to the island’s annual GDP.

Admittedly, this report comes at a time when there is a significant amount of paranoia within German society at the amount of money being needed around Europe for bailouts. Understandably so. And it is unusual for the thoughts of an intelligence agency to be publicised, so it is best to read into it what you will. All the same, it highlights just how effective the country has been at attracting foreign capital.