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Article: Western Europe: Northern Cyprus - Anticipating Acceptance - Despite International Embargoes That Restrict Their Operations, Northern Cyprus Banks Are Making Preparations In The Hope That Eventually They Will Be Included In The EU. Nick Kochan Reports.
- Article from:
- The Banker
- Article date:
- December 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: NICK KOCHAN
Two factors govern the behaviour and prospects of the banks of Northern Cyprus. Embargoes by the international community have created a system that is under-resourced and stretched but hardy. Aspirations that Northern Cyprus will eventually be admitted to the international community ensure its politicians and financial managers have a vision that embraces membership of the EU and the application of international standards of banking.
The international community has ostracised Northern Cyprus since 1974, when it declared itself to be a separate state based on the quarter-million strong Muslim population living in the northern third of ...