25% pay cuts. 40% increase in unemployment. Europe may be recovering but Cyprus is still battling for survival.
Six months after Cyprus became the fourth eurozone country to need a bailout, the Mediterranean island’s economy is shrinking rapidly as austerity measures bite, sending unemployment through the roof.
Cyprus is the most potent example of a European country still struggling for economic survival even as the region claws its way out of recession. Unemployment has jumped by 43% over the past year.
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