This is a study of the banking system in Cyprus, from the time that the first bank was founded on the island in 1864 to the present day. The book presents the history of banks and co-operative societies from primary sources and discusses its expansion in the years following independence in 1960. It examines the potential of the offshore banking sector and the likely effects of financial deregulation and the adoption of the EEC Banking Directives on the future developments of the banking system.

The book provides a comprehensive study of the banking system in Cyprus from the time that the first bank was founded on the island in 1864. It presents the history of banks and co-operative societies from primary sources and discusses its impressive expansion in the years following independence in 1960. It examines the potential of the offshore banking sector, and the likely effects of financial deregulation and the adoption of the EEC Banking Directives on the future development of the banking system.

This volume considers issues on the management of foreign debt, and the macroeconomic policies that developing countries should pursue. It looks at a variety of the aspects of this subject, such as the scope of securitization and debt reduction via voluntary conversions.