The Tiny Island Of Cyprus

Carole M. Felt
HIST3800
29March2013
Cyprus Assignment The tiny island of Cyprus has been in a disheveled and frightening financial and economic crisis for the past week or two. From the articles that were presented and the information on CNN, I have not learned or determined that any sort of geographical situation led to the crisis in Cyprus. Potential geographical outcomes from the economic crisis might happen as a small, isolated island where a large portion of the population is employed by the banks are left jobless and have to re-learn old customs and traditions and turn back to the water and use that for their livelihood and sustenance. They are isolated and surrounded by water. They may have to turn to the sea to again become fisherman, or seafarers, just to survive. My husband works for a cargo freight forwarding company and he has told me that what little cargo they were shipping to Cyprus infrequently, has been stopped. They have minimal exports, so they are going to have to start looking "inward" and at home now for survival. The closing of the Laiki Bank will cost a large portion of the population of the island their jobs and income. The majority of the money in this bank is stored and "hidden" there. The Cyprian people will not be affected financially AS MUCH by the taxing and the actual bank closing. The taxing is for accounts with funds that amount to over $130,000 US dollars. Most, not all, Cyprians will not be greatly affected by that aspect.

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