Cyprus

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Cyprus is an island in the Mediterranean Sea. At the moment, it's divided in two: the Republic of Cyprus to the south (member of the European Union) and the Turkish Republic of Northern Cyprus to the north (recognised by Turkey and almost nobody else).

Cyprus is the current disaster in the European sovereign debt crisis; one has to wonder how it even got into the euro with an economy almost entirely consisting of a "too big to fail" financial sector (attracting Russian oligarchs who'd rather want to store their cash in a much warmer place than Switzerland).[1] And it better shape up soon or all the worries about Greece will look minuscule in comparison.

[edit] Footnotes

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