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Cyprus still reeling in wake of its international bailout

July 4, 2013

NICOSIA, Cyprus -- It's been just over 100 days since its financial rescue and Cyprus is struggling to cope with life under the terms of its international bailout. The country's shell-shocked banking system is still reeling from a punishing restructuring while harsh capital controls at the banks are holding back spending. All of which is hitting Cyprus' fragile economy, which is projected to shrink by more than 9 percent this year while unemployment is expected to soar. At the same time, international ratings agencies are warning that the country has defaulted on its debts.

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