Cyprus and the price of recovery 

A balance sheet analysis of the Cyprus economic experiment (2013–2026)

Looking back from the vantage point of 2026, the official narrative surrounding the Cypriot economy’s post-crisis recovery is broadcast as a triumph of “neoliberal economics” and responsible governance. Credit ratings are back to investment grade, economic growth is robust—driven by a burgeoning ICT sector—and the debt-to-GDP ratio is on track to reach 51 per cent, among the lowest in Europe. These are remarkable achievements in themselves.