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Κυπριακή Δημοκρατία
Kypriakí Dimokratía
Kıbrıs Cumhuriyeti

Republic of Cyprus

British Cyprus Since 1960 Flag of Northern Cyprus
Flag of the United Nations
Flag Coat of arms
Anthem
Ὕμνος εἰς τὴν Ἐλευθερίαν
Hymn to Liberty
Location of Cyprus
Sovereign Base Areas
Capital Nicosia
Government Republic
President
- From 2008 Dimitris Christofias
Legislature House of Representatives
History
February 19, 1959 Zürich and London Agreement
August 16, 1960 Proclaimed
July 20, 1974 Turkish Invasion
Commonwealth accession August 16, 1960
EU accession May 1, 2004
Area 9,248 km²
Population
- 2010 803,147
 Density 86.8/km²
GDP 2010 (PPP)
- Total US$ 22.2 billion
- Per capita US$ 27,713
Currency Euro
NUTS Region CY0
British Cyprus Northern Cyprus Flag of Northern Cyprus
Buffer Zone Flag of the United Nations
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The Republic of Cyprus is a unitary presidential republic located in the eastern Mediterranean. The island of Cyprus de jure also houses the Template:PAPHOSBritishSovereign Base Areas of Akrotiri and Dhekelia, and since a Turkish invasion in 1974 the island is also de facto divided where the Turkish Republic of Northern Cyprus declared independence in 1983. Between the southern Greek-Cypriot Republic of Cyprus and the northern Turk-Cypriot state there is a United Nations Buffer Zone to separate the conflicting parties. The Republic of Cyprus acceded to membership in the European Union in 2004, which is in force on those parts of the island that are de facto under government control.


Background

A former British colony, Cyprus became independent in 1960 following years of resistance to British rule. Tensions between the Greek Cypriot majority and Turkish Cypriot minority came to a head in December 1963, when violence broke out in the capital of Nicosia. Despite the deployment of UN peacekeepers in 1964, sporadic intercommunal violence continued forcing most Turkish Cypriots into enclaves throughout the island. In 1974, a Greek Government-sponsored attempt to seize control of Cyprus was met by military intervention from Turkey, which soon controlled more than a third of the island. In 1983, the Turkish Cypriot-occupied area declared itself the "Turkish Republic of Northern Cyprus" ("TRNC"), but it is recognized only by Turkey. The election of a new Cypriot president in 2008 served as the impetus for the UN to encourage both the Greek Cypriot and Turkish Cypriot communities to reopen unification negotiations. In September 2008, the leaders of the two communities started negotiations under UN auspices aimed at reuniting the divided island. The entire island entered the EU on 1 May 2004, although the EU acquis - the body of common rights and obligations - applies only to the areas under the internationally recognized government, and is suspended in the areas administered by Turkish Cypriots. However, individual Turkish Cypriots able to document their eligibility for Republic of Cyprus citizenship legally enjoy the same rights accorded to other citizens of European Union states.[1]

Economy

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for nearly four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in mid 2009 and contracted 1.8% for the year. In addition, the budget deficit is on the rise and reached 5.7% of GDP in 2010, a violation of the EU's budget deficit criteria of no more than 3% of GDP. In response to the country's deteriorating finances, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.[2]

President

  • Dimitris Christofias () (February 28, 2008 - )



Nation

Cypriotic Polities

Neighbouring Nations

Where to live in Cyprus[]

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  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview
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