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European Journal

Cyprus: Delaying the Bail-Out

Cyprus has one of Europe's highest ratios of household debt - a growing number of families are now facing bankruptcy.

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With its population of 800,000, Cyprus has long seemed too small to cause the EU any serious economic headaches. But now it's amassed debts worth billions and earlier this year, requested a bail-out. The European Commission, the European Central Bank and the International Monetary Fund agreed to a loan so long as the country agreed to the terms of a rescue program, including new austerity measures. But with presidential elections looming in February, the government is delaying introduction of the necessary reforms.