In Cyprus, there is good news – very good news, actually – and bad news.
The good news is that the €10bn emergency international rescue of Cyprus, arranged almost exactly 12 months ago, is working. The economic slump triggered by the collapse of the island’s inflated banking sector is less severe than first feared. The hero of the hour is Haris Georgiades, Cyprus’s finance minister. If he sticks around, he ought to be the Financial Times’s next European Finance Minister of the Year. Read more