Estimated
€2bn (£1.71bn) of UK deposits are held in Cyprus - and nearly 40% of cash in
its banks is owned by non-residents
guardian.co.uk,
Josephine Moulds, Monday 18 March 2013
Cypriots rushed to co-operative banks on Saturday after learning the bailout terms involves them losing a one-off 10% levy on deposits. Photograph: Pavlos Vrionides/AP |
A former
British colony, Cyprus became independent in 1960 following years of resistance
to UK rule. There are still vast British military bases on the island covering
250 sq km, which are home to thousands of British soldiers. An estimated €2bn
(£1.71bn) of British deposits are held in Cyprus, including accounts for 3,000
military personnel and 250 civil servants.
Tens of
thousands of Russians also bank in Cyprus to avoid tax, and more than a third
of the country's total deposits are held by non-residents.
Cyprus is
one of the smallest economies in the eurozone, ranked 15th out of the 17 member
states in terms of GDP.
In numbers
Deposits
held by non-residents in Cypriot banks: 37%
of total
GDP: €19bn, or 0.2% of eurozone GDP
Economy: third smallest in the eurozone (only
Malta and Estonia are smaller)
Government
debt: €14bn, or 75% of GDP
Unemployment: 14.7% (January 2013)
Population: 1.1 million
Area: 9,200 sq km (about three-quarters the size
of Yorkshire)
Life expectancy: 78
Sources:
IMF, World Bank, Eurostat, CIA World Factbook, Central Bank of Cyprus
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