Money problems in Cyprus

The government and some banks of Cyprus have been struggling with money problems. They need financial help. The European Union and the International Monetary Fund (IMF) have come up with a plan to help Cyprus by giving it a loan of 10 billion euros (about US$13 billion). The loan comes at a cost to the country’s citizens. Cypriots will have to pay more taxes. Also, if people have savings of over 100,000 euros in Cypriot ¬†banks, they are going to lose some of that money. If they have savings of less than 100,000 euros, then they shouldn’t lose any money. The government was afraid that people would run to their banks and take out as much money as possible. Therefore, restrictions were placed on the amount of money a person could take out of an account per day.

yprus is an island country close to Greece and Turkey. Over the centuries, it has been ruled by many people: Greeks, Romans, Ottomans, and the British. It was a British colony until 1960. The majority of citizens of Cyprus are of Greek origin (referred to as Greek Cypriots), followed by those of Turkish origin (referred to as Turkish Cypriots). These two communities have had their differences over the years, but things got out of hand in the 1960s. The United Nations had to intervene and had to physically separate the two groups. A permanent partition was put across Nicosia, the capital of Cyprus, to separate the Greek Cypriots from the Turkish Cypriots. In 1974, some Greek Cypriots, who wanted Cyprus to be part of Greece, tried to topple the government of Cyprus. In response, Turkey, with a mission to protect the Turkish Cypriots, invaded the northern part of Cyprus. The island has since been split by a partition known as the “Green Line”. The Turkish Cypriots moved north of the Green Line, and the Greek Cypriots moved south of it. In 1984, the Turkish Cypriots declared the area north of the Green Line as a separate country, a country that only Turkey recognizes.

Today, the Turkish Cypriots still govern the northern part of the island (about one-third of the island). A Greek Cypriot government governs the rest of the island (about two-thirds of the island). Most of the world considers the whole of the island of Cyprus as a single country, with the Greek Cypriot government as its official government.

Cyprus is said to be the birthplace of the ancient Greek goddess of love and beauty, Aphrodite. The story says that she could make any man fall in love with her by just looking at her. She has inspired many famous paintings, statues, music compositions, movies, and even has an asteroid named after her.