Cyprus is one of the EU's smallest and most isolated countries, but it hasn't remained untouched. Travel and tourism were abruptly curtailed.
In mid-April the Central Bank of Cyprus urged banks to focus on the provision of short-term liquidity facilities for up to 12 months at preferential interest rates. This was designed to help viable businesses facing financial difficulties as a result of the pandemic, which in Cypriot terms is generally defined as a reduction of at least 25% in turnover.
For individuals, Cyprus adopted many of the standard measures seen across Europe and beyond: tax payment holidays, national insurance suspension and other easing measures aimed at keeping households afloat and consumer confidence from completely cratering.
The European Commission's summer economic forecast expects significant risks to the Cyprus economy as a result of the coronavirus pandemic's impact on the tourism sector, which is predicted to see just 25% of last year's revenues and high unemployment.
