Cyprus’ Economy Needs the Turtles More Than Ever
Over the summer, Cyprus (one of the smallest euro zone nations) found itself joining Portugal, Ireland and Greece in requesting a bailout from the European Union to save its banks, which reported huge losses due to exposure to the debt crisis in Greece. The “troika” of the International Monetary Fund, the European Commission and the European Central Bank are seeking stringent austerity measures, including a 15 percent cut in the state payroll by the end of 2013 and a 10 percent cut in benefits.
Cyprus’ President Demetris Christofias has inveighed against the “greed and mistakes of bankers and mistakes in supervision.” The government noted that “we want to take these decisions in a manner which does not unfairly burden workers and ordinary people who are in no way to blame for this situation.” Cyprus has been considering taking up long-time ally Russia’s offer of a 5 billion euro loan.
In such circumstances, it seems that tourism can only become more important to shore up Cyprus’ ailing economy. As AFP notes, tourists are thrilled to see the hatching of the baby turtles, but will the island country keep their habitat safe as it seeks to pull itself out of an economic crisis?
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Photo by Leonid Mamchenkov
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