Cyprus financial crisis: Where there is hot money, there is finger-burning too

Monday, 25 March 2013 00:14 -     - {{hitsCtrl.values.hits}}

Parallels between Sri Lanka and Cyprus

In many respects, Cyprus and Sri Lanka have parallels. Both are former British colonies which gained independence in mid 20th century, 12 years apart from each other. Both had been embroiled in a costly ethnic war for decades. Both are islands located on convenient naval routes – Cyprus in the Mediterranean and Sri Lanka in the Indian Ocean – offering enormous economic prospects. Both have no natural resources except a hint of some off-shore natural gas deposits in Cyprus and identified oil and gas deposits in off-shore Sri Lanka. In both countries, it is yet to establish whether these deposits are commercially viable.

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