Your mistakes, our future

The economic system and the economic situation on Cyprus made the young people of Nicosia go to the streets to protest against the failure of the economy.

Aboute 3,000 high school students protested outside parliament, the first major expression of popular anger after Cyprus agreed the 10 billion euro ($13 billion) bailout with the European Union.

Photo Johnny Leo Johansen 2013

Johnny Leo Johansen(c)   Johnny Leo Johansen(c)

Nicosia is the financial and business heart of Cyprus. The city hosts the headquarters of all Cypriot banks namely Cyprus Popular Bank /Laiki Bank(Now bankrupt), Bank of Cyprus, the Hellenic Bank. Further, the Central Bank of Cyprus is located in the Acropolis area of the Cypriot capital.

A number of international businesses base their Cypriot headquarters in Nicosia, such as the big four audit firms PWCDeloitteKPMG and Ernst & Young. International technology companies such as NCR and TSYS have their regional headquarters in Nicosia. The city is also home to local financial newspapers such as the Financial Mirror and Stockwatch.

According to a UBS survey in August 2011, Nicosia is the wealthiest per capita city of the Eastern Mediterranean and the tenth richest city in the world by purchasing power in 2011. Now it is a mess.